“We are not telling Iceland to tighten its belt in the middle of a recession. During the first year of the program, automatic fiscal stabilizers will be allowed to work.”
No belt tightening but belt tightening. They were saying no discretionary spending. “Automatic fiscal stabilizers” are just Government programs which ‘automatically’ rise during a recession because of people losing jobs or falling into poverty, like unemployment checks and food stamps.
the program includes the development of a strong medium-term fiscal consolidation plan to be launched in 2010
and that too for just one year. This is what Ukraine will be facing once the war ends and the Government remains pro-West.
No belt tightening but belt tightening. They were saying no discretionary spending. “Automatic fiscal stabilizers” are just Government programs which ‘automatically’ rise during a recession because of people losing jobs or falling into poverty, like unemployment checks and food stamps.
and that too for just one year. This is what Ukraine will be facing once the war ends and the Government remains pro-West.