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1998/99 Closing Budget
[Introduction]

This has been one of the more significant budget debates in recent history. The country has been through a lot, not only in terms of the problems affecting the financial sector, but the difficulties facing manufacturing, sugar, coffee, and citrus industries.

I would like to express thanks to the various participants in this Debate, and in particular, to the staff of the Houses of Parliament for their support. In the five years I have been involved in this exercise, the level of improvement, in terms of the availability of the transcripts from Hansard, has been significant. Similarly, I wish to record my appreciation of the work which the staff has done in terms of the Joint Select Committees.

The Administration has placed the full story on the table to provide the basis on which a realistic assessment of our situation can be made. We have indicated areas where targets have not been achieved e.g. in growth, as well as the level at which interest rates have remained. At the same time there have been positives and they provide the basis on which to build.

As regards the structure of this conclusion to the Debate, I will first deal with certain specific issues, providing data and clarification. I will next deal with the issue of the comprehensive support for the productive sector which essentially demolishes the myth about the Administration being hostile to the private sector. I will then deal with the matter of ethics, truth and honesty followed by a restatement of the model which we are pursuing and which is aimed at involving all sectors in the society. Finally, I have some concluding remarks and then I will bring the debate to a close.


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