- The apparent disconnect between the ambitious GPD growth and the deficit target in 2026 highlight the government’s higher reliance on off-the-budget financing to support its growth models.
- Dividends from SOEs, foreign participation in government-sponsored projects, and potential lending from state-owned banks will be key in filling the off-the-budget pool of funds.
- Unlike outside investments, further reliance on domestic liquidity may crowd out capital from other sectors that remain in need of capital support.
