BUDGET POLICY OBJECTIVES

In formulating the annual budget, we have been guided by three basic objectives. First, the need to maintain an overall balanced budget over the long term. Second, to continue investing for the future. Third, to foster growth of the private sector.

In order to meet these policy objectives, we must ensure that the share of national resources taken up by the public sector is contained and gradually reduced in favour of the private sector. Growth in the recurrent expenditures of Ministries and statu- tory boards will have to be kept to a minimum and this means that the quality and efficiency of public services will have to be maintained through higher productivity and better use of existing resources. Development expenditures for building up our economic and social infrastructure will continue to be supported and this will require continued investment in physical infrastructure, education and manpower training.