BATT on S&P downgrade Diversification now essential

Last Friday, Finance Minister Colm Imbert informed MPs in the House of Representatives that the Mid-Year Review will be presented sometime in the first half of May.

BATT said S&P highlighted the country’s rising debt and the associated interest burden over 2017 to 2020, which jointly constrain the government’s fiscal flexibility to adjust to adverse shocks. The Association said S&P has also noted that public finances are in a vulnerable state in light of a prolonged and substantial drop in energy revenues causing increased borrowing to fund budget deficits and worsening debt to GDP ratios.