Mmegi

Deficit due to drop; more spending cuts due

Brainstorming: The Finance Ministry’s technocrats are holding budget meetings with various ministries and balancing requests with forecasts and priorities
Brainstorming: The Finance Ministry’s technocrats are holding budget meetings with various ministries and balancing requests with forecasts and priorities

Finance ministry technocrats expect the deficit for the current financial year to come in at P9.2 billion, rather than the original forecast of P22.1 billion, but more tightening of the fiscus is required going forward as the outlook for diamonds remains weak.

The insights are contained in the Budget Strategy Paper released this week. The annual research and estimates document is usually released in September and is a blueprint of the policies, numbers, and priorities underpinning the next budget.

This year, the paper is coming just weeks before the budget statement, due in early February, amidst reports that technocrats have been battling to crunch numbers, especially forecasts, as well as infuse the new administration’s policies into the budget development process.

Editor's Comment
DIS must correct costly stalemate

More than P8.1 million has already been spent, yet there appears to be no lasting solution in sight. This is not simply a dispute between the DIS and a group of officers. It is a matter of public accountability. Every pula spent by government comes from taxpayers who expect public funds to be used wisely and responsibly, especially during economic hardships faced by many.The officers exercised their constitutional right to seek justice through...

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