This Analysis starts with an examination of the underlying macroeconomic assumptions and potential risks to fiscal targets, followed by the current economic conditions and macroeconomic projections from CPBRD and multilateral organizations. It then assesses the expenditure priorities and spending directions of the national government, benchmarking the efficiency of government spending in health and education relative to other countries. The analysis continues with an assessment of medium-term revenue projections, revenue performance, and ongoing tax reforms. Finally, it concludes by analyzing the projected fiscal deficit, NG borrowings, and expected debt service ratio for FY 2026, as well as the projected debt-to-GDP path over the medium term.