However the agency said it believes the impact of the revenue reforms will depend on implementation with some of the budget assumptions which look optimistic, posing risks to the projections. Fiscal consolidation will be helped by tax reforms that should go some way to bolstering the weak revenue base, which is a key reason for the sovereign's weak fiscal finances. The impact of the tax reforms will hinge on effective implementation. It expects to achieve this deficit reduction mainly through a combination of further tax reform and efficiency gains in public expenditure. Some of the revenue measures announced in the 2017 budget are part of this medium-­term fiscal strategy, the release noted.

Source: Sunday Times November 16, 2016 10:39 UTC