This paper is a policy document that links planning with budgeting. It is significant in the budget-making process within the Medium Term Expenditure Framework (MTEF), as it reviews previous year’s fiscal performance and identifies any deviations from the budget with the aim of providing realistic forecasts for the coming year. It also assesses how fiscal responsibility principles were adhered to as provided for in section 107 of the PFM Act 2012. In addition, the updated macroeconomic and financial outlook provides a basis for any budget revision and sets out broad fiscal parameters for the next budget. Further, the paper is expected to provide indicative sector ceilings for the FY 2024/2025 budget and in the medium term to guide Sector Workings Groups (SWGs) before being affirmed in the CFSP 2024.