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The Program will identify and support fiscal correction measures over the short term while developing systems and procedures to augment and diversify the revenue base and strengthen expenditure management over the medium term in order to set public finances on a sustainable path.

The Program will (i) strengthen the fiscal management institutions, (ii) enhance and diversify the revenue base of the economy, (iii) contain expenditure pressures on the budget while strengthening the functions of government, (iv) reduce government involvement in the economy, and (v) establish market-based instruments to improve treasury management.

The proposed reforms under the Program will support the Government's efforts to strengthen economic management and reduce the potentially destabilizing effects of the current fiscal stance.

The reforms will also support the restructuring, privatizing, and even disposing of various SOEs and other measures that will set the stage for developing a more level playing field that can foster greater private sector involvement in the economy and reduce further pressures on the budget from transfers and subsidies to SOEs.