Investor Presentaiton

The new government moved promptly on its pledge to tackle the fiscal deficit through expenditure cuts Fiscal austerity measures introduced through a Presidential decree on March 11th, that have remained in place despite Covid-19: • . Reduction of discretionary spending and more efficient budget execution: ministries must save 15% on operating, investment and administrative expenses. Restrictions on public sector hiring: only one third of personnel vacancies in the central government can be filled during the year, except for teachers, health and security personnel. Reduction in tax expenditures: reduced VAT exemptions on credit and debit cards purchases. 13

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