We have sustained fiscal discipline. The fiscal deficit is expected to be contained within 3 percent of GDP (2.3 percent of GDP as of the 1st half of 2018). This supports effective government spending and sustainability to meet debt obligations. Our external position is strong. Our gross international reserves (GIR) remains an ample buffer.
As of end-July 2018, our GIR of $ billion is equivalent to 7.4 months’ worth of imports of goods, and payments of services and primary income. It is also equivalent to 4.1 times the country’s external debt maturing in the short term. Likewise, the economy’s key external debt indicators are favorable. As of Q1 2018, external debt-to-GDP ratio was just 23.0 percent.