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Successful budget rebalance means cutting Skopje 2014 costs.

With the budget rebalance currently prepared at the Ministry of Finance, all unnecessary costs at the moment need to be cut, experts say. Amnestying unproductive projects is not going to produce any positive effect for the budget and moreover threatens to drive up the budget deficit. Experts believe that the rebalance would be futile if projects, such as Skopje 2014, remain intact, Utrinski vesnik reports.

"The rebalance implies cutting all costs that are not indispensable at the moment and the monuments and Skopje 2014 are in that group. Culture projects cannot be realized in a time of crisis. Unless cuts are made here, the rebalance will be fruitless. Of course there is room to cut from all other items, but the cuts should be biggest with the unproductive costs," says Shenaj Hadzimustafova from the University of Southeast Europe.

The Ministry of Finance has not yet revealed any information about the budget cuts. "The analyses are in progress," they say. According to unconfirmed information, the authorities intend to cut 100-150 million euros. The budget rebalance news came a few days after the announcement that the issue of the third Eurobond would be delayed as a result of the unfavorable conditions in the international capital markets.
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Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Date:May 26, 2010
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