Remittances performed exceptionally well last year and reached a new record of $ million. Nonetheless, our overall external position remained stable and foreign reserves was recorded at $ billion at the end of last year, sufficient to cover 4.9 months of retained imports of goods and non-factor services. Ladies and gentleman, what is in store for us in 2014?
Pre-2014 National Budget forecast for growth in 2014 was 3.0 percent. However, given the significant increase in Government expenditure on infrastructure, wages and salaries and social benefits such as free education as announced in the 2014 National Budget, growth is now forecast to surpass the projection and is currently being reviewed.