Notwithstanding all of this, there is shared recognition among all of the main stakeholders that steep budgetary challenges still confront us and further adjustments will be required in the coming years. Moving towards a balanced budgetary position is a necessary precondition for restoring the economy to growth and securing our objective of re-entering the markets to source our own financing as soon as conditions are favourable. To this end, the Government has committed to broadening the tax base and reducing expenditure. The introduction of the household charge and the proposed introduction of water charges alongside the reduction of Government expenditure are part of the overall budgetary strategy, which is fair and measured. In conjunction with this approach, it is essential that productivity and efficiency are achieved in the delivery of public services.

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