The new financial law and the 2024/2025 fiscal budget have officially entered into force, marking a significant shift in the country’s economic landscape. The law introduces key reforms aimed at improving fiscal discipline, increasing transparency, and boosting economic growth.
Under the new budget, the government has allocated significant resources to sectors such as infrastructure, healthcare, and education, with a strong emphasis on poverty reduction and sustainable development. A substantial portion of the budget will be directed toward stimulating local industries and creating jobs, particularly in the wake of global economic challenges.
One of the most notable aspects of the new financial law is the revision of tax policies, which include changes to corporate tax rates and the introduction of digital taxes aimed at tech companies operating in the country. The government has also introduced measures to curb tax evasion, enhance revenue collection, and streamline public spending.
Economic analysts have expressed mixed reactions, with some praising the government’s proactive approach to addressing fiscal challenges, while others voice concerns about the potential impact on businesses and the cost of living.
The law also sets ambitious targets for reducing the national debt and balancing the budget over the next few years. However, experts warn that the success of these goals will depend on the government’s ability to implement reforms effectively and maintain fiscal discipline.
The financial law and budget are expected to drive significant changes in the national economy, with both short-term and long-term implications for businesses, households, and the government’s economic policies. The full effects of these measures will likely become clearer as the fiscal year progresses.
