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The mid-term budget policy statement (MTBPS) is usually tabled by the Minister of Finance at the end of October each year with the objective of updating the annual budget which is traditionally delivered at the end of February. The MTBPS can sometimes be very significant, especially if the economy is seen as being under stress. For example, the MTBPS for end-October 2020 was widely anticipated because of the enormous impact which the COVID-19 pandemic and consequent lockdowns had on the economy. Major changes to the budget are usually made in the February budget rather than in the MTBPS.