Medium Term Fiscal Strategy 2022-2024

Abstract

This is a statement submitted to the Public Accounts Committee of the People’s Majlis, as required by Fiscal Responsibility Law (No. 7/2013), disclosing the Medium-Term Fiscal Strategy of the Government. The Medium-Term Fiscal Strategy 2022-2024 focuses on recovering from the economic and fiscal impact of the Covid-19 pandemic and establishing a sustainable fiscal policy for the medium-term. The Government Annual Budget for the year 2022 and the medium-term will be formulated based on this Strategy. This statement includes an analysis on the difference between the previous Fiscal Strategies and the 2021 Approved Budget and revisions for 2021 that reflects the current situation. This is followed by information on the medium-term fiscal policy goals and the strategies for achieving these goals. Based on the medium-term goals for budget balance and debt, the strategy will identify the changes to revenue and expenditure required to meet these goals and fiscal space available for the New Policy Initiatives (NPI) - new programs and projects of the Government. This Strategy is based on “Medium-term Fiscal Framework” and baseline estimates of income and expenditure by the Ministry of Finance.