Page 27 - THE 2024-25 MID-YEAR BUDGET REVIEW STATEMENT
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GOVERNMENT REFORMS, POLICIES AND PROGRAMS
53. Madam Speaker, allow me to report to the August House
on the progress of various reforms that the Government is
undertaking with the view of enhancing the management of
financial resources and improving public service delivery.
Public Debt Management
54. Madam Speaker, in order to contain debt to sustainable
levels in the short term and medium term, Government will
enhance its efforts to mobilize domestic resources to finance
the budget. This will reduce the need for borrowing to fill the
budget financing gap. In addition, the Government will
ensure thorough implementation of the Debt Management
Strategy which will minimize cost and risk of public debt.
55. On debt restructuring, Madam Speaker, significant
progress has been made, official agreements on the specific
restructuring terms have already been reached with some of
our major bilateral creditors, including China. Discussions with
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