In an effort to put its finances back onto the track set out in this year’s budget, the government is now considering ordering state-owned firms to initiate share buybacks, according to reports this week. Ultimately though, we suspect that the finance ministry will have to accept that its original target for the central government deficit won’t be met. And with state governments stepping up their largesse ahead of next year’s election, the overall budget shortfall is set to widen significantly.
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