There are unlikely to be any major policy changes ahead of the elections in October 2011 other than those announced in the recent budget, and the president will focus on signing large-scale deals in the extractive industries. The budget for fiscal year 2010/11 (July-June) was ratified by the legislature in October and included a cut in the income and corporate tax rates, which took effect in January. A tax amnesty will run from July 2010 to March 2011, intended to settle long-standing arrears and improve compliance. Overall economic policy will continue to be guided by the country's extended credit facility (ECF) with the IMF, which expires in March 2011 and is likely to be replaced by a successor programme with the Fund. Following the attainment of completion point under the HIPC initiative in mid-2010, the IMF estimates that debt will be cut sharply, to around 15% of GDP. The focus of the ECF will switch to improving economic governance and bank supervision, managing public expenditure, fighting corruption and maintaining macroeconomic stability. On the spending side, the priority will be rebuilding key infrastructure-particularly restoring the electricity and water supply to the capital, Monrovia, and repairing roads and bridges, as well as upgrading the main ports, with infrastructure spending boosted by allocations from three recent supplemental budgets.