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Gov’t to submit 2015 budget bill this afternoon

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The government is scheduled to submit the 2015 budget bill to parliament early this afternoon. The government targets a 2.4%-of-GDP ESA general government deficit for 2015, down from the 2.9% target for this year, and plans to reduce state debt by 0.9 percentage points excluding exchange rate changes to 75.4% of GDP, the budget draft published by the Fiscal Council on Monday revealed.

Although the Council identified some risks, it did not raise objections against the draft, saying that there are risks of lower growth and lower inflation. The council advised the government to reconsider raising the planned reserves against risks, while adding that the draft lacked detailed information on the measures on which some tax revenues or planned expenditure reductions were based.

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