Govt cuts parastatal, council funding to reduce budget deficit

The country’s public finances have run at annual deficits since the 2016-2017 financial year, a situation worsened by the COVID-19 pandemic which forced the erosion of reserves housed in the Government Investment Account.

Delivering her maiden budget speech in Parliament this afternoon, Finance Minister, Peggy Serame said there was a pressing need for reforms to restore fiscal stability in the country and pursue the transformation and development goals laid out in Vision 2036.