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Tuesday 22.08.2017 | Name days: Rudīte, Everts
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Government approves Latvia’s budget plan project for 2015

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUDuring the meeting of the Cabinet of Ministers this Saturday, November 22nd, the government approved Latvia’s budget plan project for 2015. The government will soon continue its work on the next year’s budget.

It is planned that Latvia’s budget plan will be submitted to the European Commission and Eurogroup on November 26th.

This budget project includes the new government’s decisions for changes to the next year’s budget revenue and expenses, providing a general government budget revenue forecast of 33.6% of GDP, budget expenses forecast of 34.6% of GDP, budget deficit forecast of 1% of GDP and state debt forecast of 35% of GDP.

The budget plan’s revenue forecast has been increased by 0.6 percentage points in comparison with the plan that was approved October 14th, with deficit remaining at 1% of GDP.

«During discussions regarding the next year’s budget, the new government has made well-weighed decisions, which have provided us an opportunity to increase the size of the country’s fiscal space. This secured us an opportunity to decide on increasing budget expenses for several important industries of the national economy. It should also be said that the expected budget deficit still complies with the border set by requirements of fiscal discipline,» – notes Latvian Finance Minister Janis Reirs.

As a member of Eurozone, Latvia has to prepare and submit a budget plan to the EC and Eurogroup every year before October 15. This plan has to include forecasts for the country’s main budget indexes – revenue, expenses, deficit and state debt. Information must be provided on the state budget, municipal budget and information regarding state commercial enterprises.

If the country holds elections and it is not possible to compile a budget draft by October 15th, then the government is expected to instead submit a government budget plan that complies with a scenario of unchanged policy – when the main budget indexes are planned under the condition that there will not be any changes to the next government’s expected budget revenue and expenses.

Because Latvia held Saeima elections this autumn, the EC and Eurogroup have been provided with a budget plan that does not provide much room for any measures aimed at increasing the state budget’s expenses in 2015.

The budget plan is an instrument that strengthens the link EU member states share in the preparation of their national budget. The goal of the plan is to provide EC information that allows evaluating a country’s budget compliance with EU standards in relation to fiscal discipline. If EC finds that a member state’s budget plan breaches ES fiscal discipline requirements, it has the authority to decline a country’s submitted budget plan and request changes to be carried out to it prior to its repeated submission. The EC can also provide different recommendations on how budget plans can be improved. The procedure provides that national parliaments take into account recommendations provided by EC when making the final decision in regard to the formation of their state budgets.

Ref: 102.109.109.3474


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