The report provided by the IMF officials stated that all quantitative performance targets have been met and that the relevant authorities have also restrained expenditure growth in order to meet the program targets for fiscal balance.
The review also revealed that the government has made significant advancement on the structural reform agenda, that aims to strengthen revenue collection and treasury management, to improve budget performance, enhances financial regulation and support for debt restructuring.
It was indicated that the Treasury Bills will be excluded from the debt restructuring exercise, while the registration of and valuation of the first 600 acres of land, which are part of the proposed debt-land swap is expected to be completed this year.
The mission has also agreed on a draft letter of intent that incorporates the policies to be presented in the 2012 Budget to continue the government’s fiscal consolidation program and reconfirm the structural benchmarks for 2012.
The statement the IMF official released, warned that despite the strong performance in 2011, the weakening global environment will cause the fiscal situation to continue to be constrained and the government should continue with the programs previously implemented.