Updated economic advisory council raises concern urges revision of 2020 budget

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Updated Economic Advisory Council Raises Concern, Urges Revision of 2020 Budget

In a surprise move, the updated Economic Advisory Council (EAC) has expressed concerns over the 2020 budget, urging the government to revise it to address the current economic challenges. The council, comprising of renowned economists and experts, has been tasked with providing advice to the government on economic matters.

According to sources, the EAC has identified several areas of concern in the 2020 budget, including:

  1. Inadequate fiscal space: The council believes that the budget does not provide sufficient fiscal space to address the current economic challenges, including the impact of the COVID-19 pandemic.
  2. Inefficient allocation of resources: The EAC has expressed concerns over the allocation of resources in the budget, suggesting that some areas may not be receiving sufficient funding to effectively address the country's economic needs.
  3. Lack of transparency and accountability: The council has called for greater transparency and accountability in the budget process, citing concerns over the lack of clear guidelines and monitoring mechanisms.
  4. Inadequate support for vulnerable populations: The EAC has urged the government to provide greater support for vulnerable populations, including the poor and marginalized, who are disproportionately affected by economic downturns.

In a statement, the EAC chairperson emphasized the need for a revised budget that addresses these concerns and prioritizes the country's economic development. "We urge the government to take a more nuanced approach to budgeting, one that balances the need for fiscal discipline with the need to support economic growth and development," the statement read.

The government has yet to respond to the EAC's concerns, but sources suggest that officials are considering the council's recommendations. The revised budget is expected to be presented to parliament in the coming weeks.

Stay tuned for further updates on this developing story.