There are unlikely to be any major policy changes ahead of the elections in October 2011 and the president will focus on signing large-scale deals in the extractive industries. Many of the mining concessions have been signed and the focus will then shift to agriculture and oil. 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. Overall economic policy will continue to be guided by the country's extended credit facility (ECF) with the IMF, which expired in March 2011 but which is likely to be extended until the end of 2011 before being 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 to 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.