Economic outlook bright in the medium term -Finance Minister Amin Adam

May 28, 2024 / Comments (0)

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Minister of Finance, Dr. Mohammed Amin Adam, has expressed optimism about the country’s economic future, describing the outlook as “bright.”

Dr. Adam has consequently called on stakeholders to work together towards consolidating the positive gains being made and ensure that the country’s economy continues on a path of sustainable growth and development.

Speaking at a press conference on May 24 to update the public on the country’s economy, he stated that “We want to increase growth from the current 2.9% to 5% in the medium term. We want to reduce inflation from the current 25% to eight plus or minus two percent in 2025. We want to improve the balance at the primary balance on commitment from a deficit of 0.3% of GDP in 2023, to a surplus of 1.5% in 2025. We want to increase the tax-to-GDP ratio from the current 14% to 18% in the medium term.”

He projected that the government will fully restore sustainability by 2028 and further improve gross international reserves to cover at least 4.5 months of imports in the medium term.

Dr Adam emphasised that despite current challenges, the country’s economic outlook remains bright, with the government committed to implementing measures that will ensure long-term economic stability and growth.

“And so, ladies and gentlemen, the medium-term economic outlook is bright. It’s bright. It is good, and we all must put our hands on deck. We all must continue to support the efforts of government. This is the government we have, and this is the country that we have. We cannot go anywhere else and find better opportunities for ourselves. We have to create these opportunities here for ourselves and for our children and grandchildren,” he noted.


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