A country could run a surplus for years and yet the structure of its tax receipts and spending rules could leave it vulnerable to a sudden crippling turnaround in the deficit and a rapid accumulation of debt. The SGP points to what may be necessary, but are certainly not sufficient, conditions for sustainable public finance policies.
It also defined our approach toward organizational capability building, specifically in the areas of human resource, information technology, infrastructure, and service excellence. A synchronized planning and budgeting cycle was approved by the Monetary Board in March of 2004, institutionalizing the top-to-bottom strategic planning approach and synchronizing the annual planning and budgeting processes of the bank.