Mmegi

Deficit narrows sharply as economy finds its footing

Gaolathe
Gaolathe

The Ministry of Finance is projecting to sharply slash its projected 2026–2027 budget deficit by nearly two-thirds, providing fresh evidence that the country’s fiscal and economic position is beginning to improve after two difficult years marked by declining diamond revenues and overall economic contraction.

A preliminary outlook prepared by the Ministry in September now estimates the deficit at P9.3 billion, equivalent to 3.1 percent of gross domestic product (GDP), compared with the P26.4 billion, or 8.9 percent of GDP, forecast in February.

The P17.09 billion improvement has been driven by stronger than expected government revenue and tighter expenditure controls.

Editor's Comment
Commitment by DPP to fight corruption welcome

Whilst many citizens put trust in their leaders that they are tackling one of the worst curses that can befall a country, the public has lost trust after all the cases seemed not to go anywhere.As the saying goes, ‘corruption is a cancer that eats away at the fabric of society’; corruption affects effective governance.Corruption affects delivery of services to the public and also crumbles most systems meant to assist citizens who are very...

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