The Executive Board of the
The PSI for
Following the Executive Board discussion, Mr.
The current budget appropriately targets a smaller deficit than in the previous fiscal year. Going forward, the authorities will need to continue the fiscal adjustment underway while opening up room for badly needed spending on infrastructure and social services. Steps to mobilize additional revenues and improve public financial management, including by addressing domestic arrears, will be critical, in this regard. Although
The authorities failed to provide accurate information to the Fund with respect to the accumulation of new external arrears by the government within the context of completion of several reviews under the recent PSI. The inaccurate reporting of arrears data, associated with a government-guaranteed lease contract with a public enterprise, also gave rise to a non-complying disbursement under the SCF arrangement.
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