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Overview

The Medium Term Fiscal Plan (MTFP) is a government plan to achieve financial sustainability and ensure fiscal balance between public revenue and public spending by implementing several fiscal initiatives and policies.

Pillars of Medium Terms Fiscal Plan (2020 - 2024)

Supporting economic growth

1

Initiative 1 | Improving the business environment.
Initiative 2 | Stimulating domestic and foreign investment.

Stimulating and diversifying public revenue sources:

2

Initiative 1 | Enhancing returns on government investments.
Initiative 2 | Strengthening tax administration and collection.
Initiative 3 | Introducing value-added tax (VAT)
Initiative 4 | Introducing personal income tax on high-income earners.

Rationalizing and enhancing the efficiency of public spending

3

Initiative 1 | Strategic Government Procurement
Initiative 2 | Enhancing the efficiency of development expenditure.
Initiative 3 | Reviewing operational expenses and controlling spending.
Initiative 4 | Reorienting public services.

Strengthening the social protection system

4

Establishment of a social protection council affiliated with the Council of Ministers, whose primary role is to centralize social protection planning and follow-up implementation.

Raising the efficiency of public finance

5

Initiative 1 | Updating public financial management system.
Initiative 2 | Strengthening the capabilities of the Public Debt Office and Macro Fiscal Unit.
Initiative 3 | Implementing the Treasury Single Account.
Initiative 4 | Establishing the National Assets Register.

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