Outcome of budget hits target: Abel

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Deputy Prime Minister Charles Abel says the 2017 fiscal outcome of the budget has very much hit the target.
Abel said the 2017 final Budget outcome report tells of some good news and some not so good news.
“The challenges we face from time to time remind us that we live in a global community and are subject to economic and environmental shocks,” he said.
“It is the job of successive governments to foster a move for self-reliance, resilience and inclusive economy and society. Our government is determined to do that.”
The final budget outcome is one of three requirements for reporting under the Fiscal Responsibility Act.
Abel said the final budget outcome report is usually produced three months after the end of fiscal year, then the mid-year economic outlook report followed by the budget strategy paper which is introduced leading up to the finalisation of the budget.
“I want to report that the 2018 Budget has begun on a good note, revenue on track, but we cannot afford to rest for a moment. Even if the oil prices continue to recover, we cannot lean back and relax.
“We will always be at risk economically if we extract and export raw materials and import most of our needs. As soon as commodity prices drop, we suffer revenue and forex issues.
“We must be more revenue-focused and cost conscious as I hold the public servants at the dedication service, right down to turning the light off in the office after work.
He said the 2017 Budget was a supplementary budget in response to some of the conditions that were emerging after the elections.
“What we set out to achieve in the supplementary budget, we have achieved in terms of fiscal discipline and starting to give emphasis to some of those principals and points.
“It reminds us that there are some issues that are quite hard to overcome but we are, and concentrated efforts to reform payroll systems, restructure the debt, and invest seriously into rice, energy production from gas and hydro.”

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