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Swan Securities Ltd Budget Highlights 2018/19

15 juin 2018, 13:10

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Swan Securities Ltd Budget Highlights 2018/19

The budget speech entitled ‘PURSUING OUR TRANSFORMATIVE JOURNEY’, was delivered by the Honourable Prime Minister, Minister of Home Affairs, External Communications and National Development Unit, Minister of Finance and Economic Development, Pravind Jugnauth this Thursday 14th June 2018. After focusing on stimulating economic growth during the previous budgets, this budget was mainly addressing social issues as could be expected from a pre-electoral budget. Some key economic figures were mentioned during the introduction. GDP is expected to grow at 4.1% for 2018-2019 compared to 3.9% in 2017-2018. Unemployment is expected to decline to 6.9% in 2018 (7.1% in 2017) while inflation forecast for 2018-2019 is 3.5% (4.1% for 2017-2018). As at May 2018, import cover stood at 10.7 months. Budget Deficit for the current fiscal year would be around 3.2% of GDP with total revenue of Rs 106.8bn and total expenditure of Rs 122.3bn. For the next financial year, budget deficit would be stable at 3.2% of GDP with total expenditure of Rs 133.8bn and total revenue of Rs 117.4bn. Public debt is estimated to decline from 64.8% to 63.% by end of June 2018. The government is planning to borrow Rs 2.6bn from foreign sources and Rs 27.4bn from domestic sources. This should help to mop out excess liquidity on the domestic market.

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