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Thursday, June 15, 2006

State to cut debt levels

Government aims to reduce national debt levels and the budget deficit, achieve an annual economic growth rate of 5% and to increase investment levels. The comments were made by Sate Minister for National Planning, Jone Navakamocea, and comes as Government prepares a new Strategic Development Plan for the next five years.

The State Minister said major macroeconomic targets envisaged for the next five-year plan included keeping the budget deficit less than 3% of Gross Domestic Product (GDP) and to drop national debt levels to below the current level of 50%.

The strategic plan will be prepared in the next few months before its finalisation at the National Economic Summit, which would be held in September.

The State Minister said the content of the strategic plan would be drawn from recommendations of the World Bank report, Asian Development Bank report and other relevant documents.


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