He attributes this to the country’s robust economic progress and strong recovery.

He made these remarks at a press conference following the Spring Meetings in Washington on Sunday, April 21, 2024.

The Minister pointed out that the primary deficit was 4.3% of the Gross Domestic Product (GDP) at the end of 2022.

He highlighted that by the end of 2023, the primary deficit had shrunk to a mere 0.3%, representing a four-percentage point decrease.

He anticipates a surplus of 0.5% of GDP by the end of this year, and 1.5% of GDP by next year.

“For example, the primary deficit by the end of 2022 was 4.3% of GDP. By the end of 2023, the primary deficit had reduced to just 0.3% which is about 4 percentage point decline in the primary deficit. We are expecting to end this year with a surplus of 0.5% of GDP and then next year to 1.5% of GDP.”

“And so Progress is good, recovery is strong, and we are heading very quickly to stabilisation which is what we need to generate growth,” he stated.