Mid-year budget review will restore economic stability – Finance Ministry

The Finance Ministry has announced that the Mid-Year Budget Review will address critical imperatives to restore macroeconomic stability and accelerate economic transformation.

A statement from the ministry issued on Friday, July 28, highlighted key areas of focus, including structural reforms in expenditure commitment control and arrears clearance, debt management, financial stability, and a growth agenda.

The process leading up to the budget review has not been without challenges. The date for the 2023 mid-year budget review has been rescheduled several times.

The Ministry of Finance announced that the budget would be presented on July 25, 2023, and later changed to July 27. Eventually, it was further postponed to its current date, Monday, July 31, 2023.

According to the Finance Ministry, the review will provide an update on the implementation of the 2023 Budget, offering insights into the economic and fiscal performance for the first half of the year.

It will also discuss policies implemented to stabilize the economy, promote growth, and provide social protection for vulnerable segments, in line with the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG).

As part of the customary procedure, the government plans to undertake post-budget engagements to explain the various policy choices to the public.