fiscal consolidation

Fiscal consolidation refers to strategies a government implements to reduce its budget deficit and control public debt. This often involves increasing revenues, such as through higher taxes or improved collection, and reducing spending, like cutting public programs or inefficiencies. The goal is to stabilize the economy, ensure long-term financial sustainability, and maintain investor confidence. While it may involve tough choices, fiscal consolidation aims to create a healthier fiscal situation, enabling the government to better fund essential services and manage economic challenges effectively.