2008 Budget Unveiled

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The cabinet approved the draft budget for 2008 in September, the first under its new four-year strategy. The budget envisions a surplus equivalent to about 1.3% of GDP, which is higher than the 0.5% floor contained in the medium-term programme unveiled in May but lower than the 2%-3% surplus called for by the International Monetary Fund (IMF) to help steer the economy toward a soft landing. The government does not believe it politically feasible to plan for surpluses of the magnitude suggested by the IMF.