Budget Strategy

6. Thus, despite the many achievements of economic reforms over the past decade, much remains to be done if we have to achieve our full potential. There is urgent need to further deepen reforms to set the stage for higher growth over the next decade. We have to intensify our effort in fiscal adjustment so that the generations to come are not burdened by our borrowing excesses. The economy has achieved significant acceleration in growth over the last 20 years. Our aspiration must be to achieve still higher growth in the next 20 years.

7. The broad strategy of the budget, therefore, with this objective of growth in mind is to ensure:

l Speeding up of agricultural sector reforms and better management of the food economy.

l Intensification of infrastructure investment, continued reform in the financial sector and capital markets, and deepening of structural reforms through removal of remaining tiresome controls constraining economic activity.

l Human development through better educational opportunities and programmes of social security.

l Stringent expenditure control of non-productive expenditure, rationalisation of subsidies and improvement in the quality of Government expenditure.

l Acceleration of the privatisation process and restructuring of public enterprises.

l Revenue enhancement through widening of the tax base and administration of a fair and equitable tax regime.