PLANNING for a country’s future requires a sound assessment of the fiscal resources available to meet public expenditure needs in the years ahead.

This is why the Occasional Paper on Medium-Term Fiscal Projections, released by the Ministry of Finance (MOF) on Feb 8, is so significant. It provides the necessary context for Budget 2023, facilitating informed discourse on the government’s spending priorities and plans.

Having a medium-term view minimises the risk of fiscal surprises or funding shortfalls that could shake confidence in the government’s ability to deliver on its commitments. A common understanding of the key drivers of fiscal spending is also needed for a realistic picture of the challenges ahead and how the country can marshal the resources to address them.