In the 2013 Budget, one of the primary objectives of Government was to deal with the high budget deficit caused by overruns that were highlighted in specific detail and explained to the House and the nation.
While proposing solutions to tackle the causes of the overruns, we indicated clearly that the fundamentals of the economy were strong and the nation‘s medium-term prospects were also bright. Mr. Speaker, we wish to reiterate that the fundamentals of the economy are still strong and the nation‘s medium term prospects are bright.
Mr. Speaker, throughout the year, we have been putting a lot of focus on implementing programmes that will stabilize the budget and consolidate our Lower Middle Income Country (LMIC) status and extend its benefits to current and future generations.
However, it is obvious that the additional focus on highlighting and correcting the short-term imbalances in the way the public purse is managed has led to some misconceptions and even deliberate distortions of our economic performance.