Follow Us on Google News
The finance ministry has rejected any possibility of a budget adjustment midway through the fiscal year, asserting that the current economic situation reflects the effectiveness of financial policies and lays the groundwork for financial stability.
In a statement, the ministry noted that the economic indicators, particularly inflation, growth in large-scale manufacturing, and import trends, align with government projections and expectations. “There is no justification for adjustments to the budget at this stage,” the spokesperson said.
The ministry highlighted that the International Monetary Fund (IMF) has recently revised its forecasts regarding economic indicators, with its estimates now closely aligning with the ministry’s projections.
For instance, the consumer price index-based inflation for the first quarter of the current fiscal year was recorded at 9.2%, significantly lower than the government’s estimate of 10.2%.
Additionally, the IMF has revised its inflation forecast for fiscal year 2024, lowering it from 12.7% to 9.5%, reflecting a 3.2% decrease.
The ministry stated that any discrepancies between actual and projected economic figures should be viewed as integral to the models used for policy formulation and budget planning.
Regarding large-scale manufacturing, the ministry anticipates achieving a quarterly growth target of 0.9%, noting that growth in July exceeded expectations at 2.52%.
