Finance Minister Ibrahim Ameer has called on the incoming government to work on achieving 4 key financial targets set by the outgoing administration.
He said this in his speech to the parliament while submitting the proposed budget for next year.
Minister Ameer said that it is important to maintain debt and fiscal sustainability in the mid-term in order to prevent the hurdles to the economy. The Minister noted that the current administration set 4 key fiscal targets in its financial strategy in the past years and that these targets are vital to achieving sustainable economic development in the country.
He outlined that one of the targets is to lower the state's direct debt to 95 percent per GDP by 2026. He said that the second target was reducing the primary deficit of the budget to 5 percent per GDP and the third target was to maintain a trajectory that lowers the state debt per GDP.
Minister Ameer noted that the fourth target was to reduce the operational cost of the government lower than its income and maintain it in the long run.
He noted that the 2024 budget was designed based on achieving these targets and even if it cannot be achieved next year if the new government implements the reforms mentioned in the budget, it would be moving towards these targets.
Minister Ameer, who delivered his last budget speech to the parliament, called on the incoming government to adhere to these targets when implementing the budget.
He said that maintaining the debts and reducing the fiscal risks would help point the country's economy in the right direction and is vital in preparing the country for any future economical or finaincial crisis.
