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Budget rebalance debate: deficit of 68.7 million euros in only 3 months.

Finance Minister Zoran Stavreski explained at a meeting of the parliamentary committee on financing and budget Wednesday the proposed modifications to the budget 2012 and stressed that the crisis in Europe reduced economic activities in Macedonia as well.

"The general reduction of economic activities was the cause of a budget deficit of 68.7 million euros, or 0.9 percent of GDP in January-March 2012," Minister Stavreski said.

Bearing in mind that the budget 2012 was passed in conditions of uncertainty and risks from the debt crisis in Europe, the budget rebalance harmonizes the budget execution so far with the expected stabilization of the economic activity in the second half of the year, he added.

The finance minister emphasized that revenues and expenditures were cut by 4.6 percent and 4.5 percent respectively.

The parliamentary group of SDSM is not going to support the suggested budget rebalance. Marjanco Nikolov, as SDSM MP, criticized the borrowings, accusing the government of spending money unproductively. According to Nikolov, no budget proposed in the past six years has been a development budget as all budgets have been too big. He recommended changing the priorities and structure of the budget.

Minister Stavreski stressed in response that the budget was the biggest in 2005, accounting for 34.2 percent of GDP compared to the current 31.4 percent of GDP.
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Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Date:May 3, 2012
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