Press briefing of Cabinet Decision taken on 2011-08-17

Medium Term Expenditure Framework 2012-2014 and Preparation of Budget for the Year 2012

- a broad framework of the above was presented to the Cabinet by H.E. the President, in his capacity as the Minister of Finance and Planning and Cabinet approval was granted for the General Treasury to proceed with the work pertaining to the above and the preparation of the Budget for the year 2012. The Budget 2012 is to be mainly focused on the following parameters:

* Economic Growth - to be maintained at least at 8%
* Inflation - to be maintained within a range of 6% - 7%
* Public Investment - target to maintain at 6.5% of GDP
* Budget Deficit - target to be reduced to 6.2% from 6.8% of GDP
* Total Debt - target to be reduced to 75% from 80% of GDP