So we are once again at the period of the year where the entire nation will be talking about the Budget.
By Constitution, the Government’s budget is tightly and properly managed.
The government will aim to achieve a balanced budget over each term of government. This means that even though the annual budget may return a surplus or a deficit for a particular year, the government will aim to keep it balanced over the term of government (four to five years in between elections).
Should the government decide to draw on past reserves which is the surpluses accumulated in previous terms of government, the President’s assent (approval) is needed, as stated in the Constitution.