The government will maintain a relatively tight fiscal stance because of the risk of macroeconomic imbalances after several years of rapid growth, although there may be a small degree of loosening in response to global fragility. Spending will rise quickly, as an impatient government will continue to espouse a state-led development model that places the emphasis on public investment rather than private-sector growth. Domestic revenue performance will improve at a decent rate, although it is coming from a low base relative to GDP, even by African standards. The revenue agency, the Ethiopian Revenues and Customs Authority, will continue to implement measures to broaden the tax base, improve compliance and reduce evasion. A windfall tax on bank profits arising from the 16.7% devaluation of the currency in September 2010 will bolster government coffers in 2010/11 (fiscal year ending July 7th). External grants will remain a vital component of public financing and will rise following the peaceful elections in 2010. Overall, the Economist Intelligence Unit expects the budget deficit as a percentage of GDP to edge slightly higher, to 2.8% in 2010/11 and to 3% in 2011/12, as a proposed public-sector pay rise will ensure that the government balance cannot match its performance in 2009/10, when the deficit was estimated at only 1.7%.