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International Monetary Fund. Western Hemisphere Dept.

just over 24 percent of GDP, increased expenditure led to a deterioration in the overall fiscal stance and, consequently, a slight uptick in the public debt to around 70 percent of GDP. The higher expenditure outlay arose largely from the scaling up of public investment, which contributed to the robust growth outturn and prospects. There are emerging signs of an improvement in the banking sector though vulnerabilities persist . Key macroprudential ratios improved as profitability and return on equity (ROE) in the banking sector turned positive on the back of a