Finance officials are commencing their preliminary work on budgeting for the next fiscal year (2024-25), with the general election approaching. The finance division has reached out to ministries and divisions for updates on economic statistics up to October. Typically, the first meeting of the committee for coordination on fiscal, monetary, and currency exchange takes place in December and outlines the next fiscal budget’s size, resource requirements, GDP growth targets, inflation rates, and budget deficit. However, this year, officials aim to hold the meeting in November due to the election in the following month. The election year is expected to lead to lower budget implementation and economic performance. Concerns about tight import controls and tax revenue collection have also arisen.
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