... investment programs, and to strengthen their efforts to mobilise both domestic and foreign private resources. 3. The Need to Raise Public Savings There has been some weakening of the region's fiscal position from modest deficits of about 1 per cent of GDP in 1992﷓96 to deficits of about 2 per cent of GDP in the past 2 years for the region ... performance was hindered in most cases by the development of an array of tax exemptions and concessions, and sometimes by institutional weakening, especially in the area of tax administration. Fiscal strengthening is required to hold close the ga...

• Word Count: 673
• Approx Pages: 3
• Grade Level: Undergraduate