A private sector-led initiative aimed at relieving the Government’s short term debt service costs was presented to the Government for its consideration.
Discussions in the market about this initiative raised concerns about the Government’s debt strategy.
Cabinet, after careful consideration of the proposal and mindful of the uncertainty in the market has decided that the Government will not be pursuing this proposal.
The Government is currently in the process of finalizing its macroeconomic programme to take account of the effects of the global situation on the country and to adjust accordingly to ensure stability in the economy.
The proposed Stand-By Agreement with the International Monetary Fund (IMF) will ensure stability in our Balance of Payments.
The Government is taking the necessary steps to deal with its fiscal challenges. This will be reflected in the early presentation in Parliament of the Supplementary Estimates of Expenditure.

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