CB announces deficit reduced to 7.9% in 2010
April 11, 2011 04:18 pm
The overall fiscal deficit was reduced to 7.9 per cent of GDP in 2010 from 9.9 per cent in 2009 through significant improvements in fiscal operations, the central bank has said.
Despite the delay in presenting the budget to Parliament and the limited scope for introducing new revenue and expenditure measures, the overall fiscal deficit was maintained within the original target of 8 per cent of GDP, it said in its annual report for 2010.
The government has affirmed its ongoing commitment to fiscal consolidation by reducing the budget deficit to 6.8 per cent in 2011 and below 5 per cent in the medium term, the report further states.
Despite the delay in presenting the budget to Parliament and the limited scope for introducing new revenue and expenditure measures, the overall fiscal deficit was maintained within the original target of 8 per cent of GDP, it said in its annual report for 2010.
The government has affirmed its ongoing commitment to fiscal consolidation by reducing the budget deficit to 6.8 per cent in 2011 and below 5 per cent in the medium term, the report further states.