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Immediate Issues<br />
A sharp slowdown in economic growth has impacted<br />
government revenue, while the global financial crisis has<br />
worsened the environment for raising private external<br />
capital flows<br />
Structure of budgetary expenditures affords little flexibility:<br />
security-related expenditures + debt servicing absorb<br />
60% of government revenue<br />
In order to meet IMF program targets, GoP has resorted<br />
to development spending cutbacks – a counter-productive<br />
strategy<br />
Budget FY10 envisages substantial hike in development<br />
spending to reinvigorate economic growth (Case for fiscal<br />
78<br />
stimulus)