Fiscal Position: Still Critical but Temporary Panacea in Sight
In our recent assessment of the revised budget benchmark oil price and cut to expenditure by the Minister of Finance (Published 27 March, see report: Fiscal Position Getting Critical), we concluded that for the FG to finance a large chunk of the deficit and implement required stimulus, a massive bailout funds from both IMF and the World Bank will be required.
Also, while noting the crowding out effect of such actions, we stated that more aggressive borrowing from the domestic economy cannot also be ruled out.
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