The government's commitment to managing debt, increasing income streams, and rationalising subsidies is commendable for its foresight and responsibility towards economic stability and social equity. Measures such as the 2% hike in the sales and service tax (SST) might not be politically favourable, but it would help strengthen the country's fiscal health.
The passage of the Public Finance and Fiscal Responsibility Bill 2023 is also hailed, which includes the requirement to publish a mid-year expenditure performance report and a fiscal risk statement. The new legislation has four targets, including keeping the annual development expenditure at 3% or more of the GDP and the fiscal deficit at 3% or less over the next three to five years
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