These confirmations, however, came with a very clear message: further improvements in the macroeconomic fundamentals are required, suggesting that, in the absence of demonstrable progress being made as part of a concerted effort involving all social partners, the risk of downgrades during the next reviews towards the end of this year should not be underestimated.
•  Firstly, there are many programmes where the central assistance is not drawn down due to the inability on the part of States to provide matching contribution and such allocations often lapse.