DBM commends Congress for support of the supervisor’s financial framework

The Department of Budget and Administration (DBM) on Tuesday commended the Senate and House of Representatives for their support of the Medium-Term Financial Management Framework (MTFF).

Earlier this week, the Senate decided with House approval to adopt the 2022-2028 MTFF, and pledged that the legislative agenda will be guided by the goals set in said framework.

“It is encouraging to see that Congress is united with the administration in our economic goals for the nation. We commend Congress for the adoption by both the Senate and the House of Representatives of their resolutions supporting the Mediterranean Trust,” said Budget Minister Amina Pangandaman. in the current situation.

“The Medium-Term Framework is a roadmap to our agenda for prosperity,” Pangandaman added, noting that it is the first time that a comprehensive financial strategy for the entire administration period has been developed and adopted through a resolution by Congress.

She said the medium-sized trust fund helped DBM put together a list of the country’s economic goals, such as achieving 6.5 to 7.5 percent real GDP growth in 2022; 9 percent or a single-digit poverty rate by 2028; 3% national government deficit to GDP ratio by 2028; and less than 60 percent of the national government debt-to-GDP ratio by 2025.

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“With these goals in mind, we have designed our National Expenditure Programme,” the Budget Minister added.

DBM also thanked Congress for recognizing the importance of the fiscal consolidation plan and resource mobilization, including measures such as the rights of government organizations.

Concurrent Senate Resolution 3 states that the MTFF will guide the legislative agenda, specifically citing support for both the short- and medium-term socio-economic agenda that addresses issues in the areas of food security, transport and logistics, and energy, and financial management, health, education, social protection and bureaucratic efficiency. It also calls for a review and update of the MTFF after three years or in 2025.

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