As we begin this new session of Parliament, we reflect on the legislative year just ended with cautious relief and renewed hope.
It was a year in which the global crisis continued to bear down heavily on the economy. As the economy contracted, revenues fell below what was required to meet essential government expenditure. Despite exerting tight restraint on expenditure, it became necessary to increase taxes. Painful though it was, the government had no choice. It was the only way to avoid a fiscal crisis.