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Ekonomia

The Assembly approves the changes in the budget, the debt is expected to reach up to 80% of GDP, 500 million ALL go to those affected by the earthquake

The Assembly approves the changes in the budget, the debt is expected to reach

The Economy Commission approved the increase of public debt yesterday. A few days ago, the Ministry of Finance submitted to the Assembly two normative acts, which brought changes in the law on the budget for 2021 and in the law on the management of the budget system. Overall, these changes indicate that the government will take on two new debts, while this year's budget law stipulates that spending will increase by ALL 11.8 billion, which also leads to an increase in the budget deficit. Despite numerous reactions to this change, yesterday the Economy Committee voted in favor of their approval. Also present at the commission was the Minister of Finance, Anila Denaj, who stated that with the changes made, it is predicted that the public debt by the end of 2021 will go 80% of GDP. Denaj said that, the government will try to reduce it in the next five years, but this increase for this post-pandemic year was inevitable. "For an economy like that of Albania with two consecutive shocks, with significant funds allocated from the state budget, we think that fiscal expansion this year is necessary. We forecast the debt level of 80%, it is the same target as that of 2020. We must all be clear that the government has a commitment to fiscal consolidation and this consolidation will be achieved, therefore the objective to increase public debt to 45% "The next years remain, what we are doing today is to postpone the deadline by one year," she said. It is the fourth time within this year that the ministry makes changes to the state budget and this is not a good sign at all. As we add here that, the government is not even adhering to the plan and recommendations of the internationals not to increase spending. Denaj showed that the level of expenditures up to 7.7%, a high level in relation to revenues.

Rental bonuses follow

Part of the discussions in this commission was the disbursement of funds as a rent bonus for those affected by the earthquake. According to the opposition, the government should not continue giving these bonuses for too long because it is causing other problems. But, Denaj categorically said that the rent bonus will continue for each of those affected, even in the new normative act for the budget is provided an additional fund of 500 million ALL for the reconstruction. "The fund approved last year of 1.5 billion ALL is continuing to be distributed to families affected by the earthquake, while if necessary we will use this additional 500 million ALL that will be approved by this normative act. The fund is provided by the government and locals, so while we have said that families will receive rental bonus until they are accommodated in new housing, that is how it will happen ", declared the minister. While in the discussions on fiscalization she clarified once and for all that the process for businesses will start on July 1 and there will be no extension of the deadline. According to Denaj, fiscalization will help increase revenues and reduce informality in the economy.

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