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  • Essential structural reforms will have to be pursued, that will lock-in the current gains of fiscal consolidation over the long term.
  • Dr. Phillips said the continued reform of the tax collection system is of fundamental importance to ensure higher levels of compliance.
  • Dr. Phillips explained that the Public Sector Transformation and Modernization programme is built around enhancing the business environment.

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has emphasized the need to continue the process of fiscal consolidation as a strategy going forward.

He also noted that essential structural reforms will have to be pursued, that will lock-in the current gains of fiscal consolidation over the long term, and create an environment that facilitates investment, protects and strengthens the foundation of the financial system, and facilitates improved levels of productivity in the economy.

The Minister was opening the 2014/15 Budget Debate in the House of Representatives on April 17.

Dr. Phillips said the continued reform of the tax collection system is of fundamental importance to ensure higher levels of compliance, and listed the Public Sector Transformation and Modernization programme, as one of the critical elements in this process that will be tackled in this financial year.

“The proposed Public Sector Transformation and Modernization programme that we have commenced, and intend to intensify over the medium term, will be more focused on targeting those elements within the public sector relating to service delivery that will have a direct impact on the private sector’s ability to contribute to sustainable national economic growth,” the Minister said.

Dr. Phillips explained that the programme is built around enhancing the business environment, facilitating growth and competitiveness; and reducing bureaucracy.