Budget 2011 will drop fiscal deficit to 10-15 percent, President tells media
14 Nov 2010, 6:01 PM
President Mohamed Nasheed has said the country’s crippling budget deficit of 26.5 percent will drop to 15 percent in the upcoming 2011 state budget, and potentially 10 percent by the end of the year.
The government’s aim had been 18 percent, Haveeru reported the President as saying following the laying of the foundation stone for 1000 flats in Hulhumale’ last week.
Nasheed noted that when the present government came to power in 2008, “the deficit was 44 percent compared to net national productivity.”
The government is under considerable pressure from the International Monetary Fund (IMF) to reduce the deficit, and earlier this month delayed its third disbursement to the country because of the government’s inaction on the matter this year, pending the release of the 2011 budget.
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