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Stavreski: funds provided through the eurobond would cover the financing of future projects: capital inflows in the first seven months stand at 1.388 billion denar--959 million of which are from the dividend paid by Macedonian Telekom, and the remainder are from sales of state-owned land and housing.

The 2014 budget review is expected to provide more room for intensifying the realization of infrastructural projects, Corridor X in particular, and maintaining fiscal discipline and support to the economy. Elaborating the draft-budget rebalance, Vice PM and Finance Minister Zoran Stavreski said it aimed at consolidating the dynamics of expenditures, especially in terms of infrastructural projects, with the dynamics of revenues.

According to him, it is a minor review focused on correcting both the revenue and expenditure side that is less than 2 percent. The biggest change set to be introduced on the expenditure side, he added, is the allocation of another 1.42 billion denar to the construction of Corridor X i.e. Demir Kapija-Smokvica high way, which is planned to be completed by August 2016.

Adding funds in this item will make budget deficit stand at 3.9 percent, Stavreski said.

Minister Stavreski noted that a total of 81.429 billion denar of revenues were collected January to July. Tax revenues and social fees are in amount of 72.562 billion denar. Capital inflows in the first seven months stand at 1.388 billion denar-959 million of which are from the dividend paid by Macedonian Telekom, and the remainder are from sales of state-owned land and housing.

Total expenditures amount to 96.867 billion denar; current ones stand at 87.222 billion denar, informed the Minister.

Elaborating the draft-budget rebalance, the Vice PM said the overall debt of the central government by July 2014 was 40.8 percent of the GDP.

"This means Macedonia is still one of the top 10 countries in Europe with the lowest debt level i.e. moderate level of indebtedness. This policy will continue in the coming period," he promised.

He explained that funds provided through the Eurobond issued in July would cover the financing of future projects. The Minister pointed out that prefinancing measures have been taken for loans maturing in 2015.

"Regardless of any risks the market may pose, Macedonia will have financing for key projects," the Minister concluded.

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Title Annotation:BANKING
Publication:Macedonian Business Monthly
Date:Aug 1, 2014
Words:338
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