The supplementary budget is a plan to reduce the nation’s current debt levels through strategic planning, and active consultation with experts.
Revenue growth alone is insufficient to address the current state of debt. Therefore, safeguarding fiscal credibility and the confidence of international markets is imperative. The first main feature of the debt management plan is to utilise domestic financing opportunities. Secondly, the Government is exploring clean energy initiatives that can lead to the larger retention in foreign currency earnings and overall financial gains.
The Private Sector Debt Advisory Committee, comprised of domestic representatives, as well as an independent international advisory firm, will advise the Ministry of Finance on the national debt strategy. The immediate goal is to engage greater levels of domestic and environmentally friendly financing.