'This resulted in an improved financial position of the consolidated public sector, posting a surplus for two consecutive years (2013-2014), amounting to 0.4 percent and 0.7 percent of GDP, respectively, reversing the consolidated public sector deficits
incurred during the 2010-2012 period,' he added.
On this issue of bringing public sector deficits
down to a manageable level, there was constant sniping about "buckling under the pressure of the IMF".
Muzzamil Hussain Sabri President Islamabad Chamber of Commerce and Industry said that for the last couple of decades, banking sector in Pakistan has preferred to fund fiscal and public sector deficits
instead of providing easy lending to private sector and this approach has dwindled the prospects for improving business activities and achieving longtern economic growth of the country.
The move comes as Spain emerges from one of its deepest recessions in decades, struggles with record high unemployment -- with one of four of the workforce out of a job -- and fights to narrow one of the eurozone's widest public sector deficits
This perception - that a group of countries were basket-cases of high government debt levels and ballooning public sector deficits
, inevitably leading to crises when the Great Recession began - owes more to mythology than economic reality.
CYPRUS must urgently trim widening public sector deficits
to safeguard a nascent economic recovery and avert more dramatic cost cutting which could slash salaries and pensions, Central Bank governor Athanasios Orphanides said yesterday.
Public sector deficits
have mushroomed to hit 11.2 percent of GDP while unemployment has rocketed to around 20 percent of the active population, damaging Spain's image within the eurozone.
The G20 is set to announce a concerted effort to halve public sector deficits
within three years and stabilize government debt as well, but also recognize that the start of that process will take place at different speeds, according to a draft communique.
While many Western countries are entering recession with weak financial institutions, high consumer debt and public sector deficits
at an all time high, China has a government budget which is in surplus, a high savings rate among its population and domestic banks with plenty of capital.
Indeed, the dueling in Deauville must be seen in the context of the deteriorating German economy with below-zero growth, close to five million unemployed, and public sector deficits
above the European Stability Pact limit of 3 percent.
It also called for reducing public sector deficits
through a combination of tax reform and spending restraint;
Public sector deficits
are blamed for over-indebtedness, high inflation, and poor investment and growth performance.