(Published in l'express of the 24Th June 2026)
They had overestimated the tax receipts for FY 25-26 by some Rs 10 bn .
We think that the tax receipts estimated to be around Rs 198 bn for FY 26-27, an increase of some Rs 20 bn, is also an overestimate .
Have look at the table below !
There has not been any serious effort at fiscal consolidation.Their attempts at fiscal consolidation can be summed up as : for FY 25-26, they targeted the 60-65 years old especially the lower income groups and for FY 26-27, it is the middle class , the very ones relying on the BRP/SAP to fund their children/grandchildren’s education.
The figures reveal the hypocrisy of this Govt ; their so-called resolve to build fiscal resilience has relied solely on reform of our pensions and the abolition of the CSG allowances . Other reforms, including meaningful efforts at revenue mobilisation( not cosmetic ones that will not bring in much revenue ) and the strengthening of mechanisms to control expenditure, have just been kicked down the road .
Most of the items in "Expense" have gone up or remained the same as a percentage of GDP except social benefits .
We were told that with the re-introduction of Programme Based Budgeting , we will be seeing greater efficiency and effectiveness in the public sector and a substantial reduction in wastage, operational costs, and budget variances by linking funding directly to measurable outputs and national outcomes. The figures are not showing so!
- We are also being told that a major reorganisation and rationalisation of parastatals will be carried out but the figures show that grants to parastatals (excluding transfers to special funds) are likely to remain more or less the same!
Another item in total expenditure besides social benefits that’s showing a significant decline ,as compared to previous years, is capital spending (Net Acquisition of Non- financial Assets )-a mere 0.9% of GDP, one of the lowest experienced in more than 2 decades .
๐๐ฌ ๐ญ๐ก๐ข๐ฌ ๐ก๐จ๐ฐ ๐ฐ๐ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐๐จ๐จ๐ฌ๐ญ๐ข๐ง๐ ๐ฉ๐ซ๐จ๐๐ฎ๐๐ญ๐ข๐ฏ๐ข๐ญ๐ฒ , ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ข๐ง๐ ๐ข๐ง ๐๐ ๐๐ง๐ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก ? Are they really committed in laying down the foundation for future growth or is it just publicity stunts-"effets d'annonces" ?
With such dismal capital spending ( Public Sector Investment as a % of GDP at current market prices for 2025 and 2026 - one of the lowest registered since 2008 -at 3.5% and 3.7% respectively ) and with private sector investment on the decline for there consecutive years (both in terms of growth rate and as a % of GDP) , they are forecasting rather optimistic real growth rates of 3.1% for FY 2025-26 and 3.5 % for 2026-27.
Que nul ne s'y trompe : cette approximation imposรฉe par "these jokers" n’a pour but que de dรฉstabiliser notre modรจle de dรฉveloppement et de fragiliser l’รฉconomie de notre pays !
Our economy is left perched on the edge of stagflation, marked by high inflation and slowing growth.
Voila comment ces “bunch of jokers" gรฉrent les deniers publics ! Is this what they call “avec la mรชme prudence qu’un foyer responsable gรจre son patrimoine” …ร la dรฉrive
๐ก๐ผ๐ป, ๐บ๐ฒ๐๐๐ถ๐ฒ๐๐ฟ๐ "๐น๐ฒ๐ ๐ท๐ผ๐ธ๐ฒ๐ฟ๐" , ๐๐ผ๐๐ ๐ต๐ผ๐ป๐ผ๐ฟ๐ฒ๐ ๐ฝ๐ฎ๐ ๐น๐ฒ ๐บ๐ฎ๐ป๐ฑ๐ฎ๐ ๐พ๐๐ฒ ๐ป๐ผ๐๐ ๐๐ผ๐๐ ๐ฎ๐๐ผ๐ป๐ ๐ฐ๐ผ๐ป๐ณ๐ถรฉ !
