The following are among the main targets outlined for 2011.

• Sticking to the spending targets in the 2011 budget, which is based on a conservative oil price and includes commitments to rebuild foreign-exchange reserves by US$1.7bn and pay down remaining domestic debt arrears. Given the strong potential upside in oil revenues (owing to international prices well in excess of US$100/barrel), the IMF believes that there is a good chance of a larger fiscal surplus this year.
• Completing the repayment schedule for outstanding debt arrears by end-March using funds allocated in the 2011 budget, while putting in place a new public debt management strategy and measures to link future spending commitments to available financial resources.
• Reducing inflation to single digits, although this has proved to be something of a moving target for the government over the past nine years.
• Pressing ahead with structural reforms, notably the development of a medium-term fiscal strategy (with specific targets for the non-oil deficit), the comprehensive overhaul of the tax system (for which a detailed plan is to be presented to the IMF by the end of June) and the regular publication of budget execution reports and external audits of strategic public enterprises.

The government's progress under the SBA has been encouraging, although much of the improving economic picture has been down to a recovery in oil production and a surge in international oil prices. The danger remains that, with oil revenues set to return to record levels and legislative elections approaching, the government's commitments to fiscal restraint, transparency and economic diversification could come unstuck by political necessity.