This statement comes amidst growing concerns about the country’s economic stability.

The BoG in its Monetary Policy Committee press release on Monday, stated that “On fiscal policy, expenditures outpaced revenue growth in the first quarter, reflecting the frontloading of IPP arrears payments.”

“Maintaining strict fiscal discipline for the rest of the year will be crucial to strengthen confidence in the economy.”

The BoG further explained that fiscal discipline is essential in preventing budget deficits from spiralling out of control, which could lead to inflation and other economic problems.

“It also helps to maintain investor confidence, which is crucial for attracting foreign investments.