The Minister also has the option to access the Heritage and Stabilization Fund to partly finance budgetary shortfalls. However, as I’ve advised Government, the current situation does not warrant withdrawals from the HSF, and further expenditure cuts should be made if shortfalls in energy revenues persist for an extended period of time. We have lived with oil price volatility for more than 100 years.
The irony is that very few of us saw the coming of the 2008 crisis because we were too busy analyzing the crisis before that one.