BUSINESS BRIEFS

Extra budgetary funds overstay welcome

The government was unable to reach an agreement on the abolition of various publicly-funded bodies, such as the Housing Development Fund and the Environment Fund, despite having promised the World Bank in its Staff Monitoring Programme to eliminate eight of these bodies by the end of September and a further two by December.

The government had already told the World Bank in July that it would not be able to meet these targets. Economic experts fear the state funds do not make efficient use of public money, and cloud the overall picture of the public sector fiscal deficit.

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