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The government still had 2.1 billion euros or 32 percent of the 2023 budget "in hand"

2023-12-05 10:07:03Biznes SHKRUAR NGA REDAKSIA VOX

The government still had 2.1 billion euros or 32 percent of the 2023 budget

At the end of the 10-month period, 32% of the revised 2023 budget remained unexecuted, or over 2.1 billion euros.

According to the recent changes in the normative act, the total expenses in this year's budget are expected to reach 705.6 billion ALL, but meanwhile, until the end of October, 482 billion ALL have been spent and another 223 billion ALL remain to be allocated.

The concentration of one third of the budget in only one and a half months calls into question the efficiency of spending and may create some macroeconomic imbalances, such as negative impacts on inflation. The budget rule requires payment invoices to be issued on the basis of work situations, which are being paid massively in the last months of the year.

Daily data on treasury payments are showing high payment flows to companies with which the government has contracts for road construction and maintenance. In the second half of November and December, treasury payments are multiplied compared to other months of the year.

Last year, official data from the Ministry of Finance show that daily payments from the treasury reached about 12 billion ALL or about 100 million euros on December 27, 2022. This amount was 8-10 times higher than the daily payments during August - November 2022.

The entire mechanization of not realizing the budget on time is related to capital investments. Although the funds for this item were not even 50 percent realized, in the normative act that changed the 2023 budget, the item of capital investments increased further instead of decreasing.

After the changes, capital investments for this year amount to 136.6 billion ALL from 123.9 billion ALL that was at the beginning of the year. By the end of the 10th month, only 54.3 billion ALL had been spent on public investments, or 40 percent of the annual plan, while in two months, 82 billion ALL remain to be spent.

Detailed data from the treasury payments show that most of them are going to construction companies that had contracts with the government. Budget payments in the last days of the year started to become more aggressive from 2021, where the Bank of Albania reported an unusual increase in business deposits in lek created by government payments.

Payments for public investments, pensioners' bonus and bonuses that are given at the end of the year also by the private sector favor the increase in inflation or, in the best case, prevent the reduction of price growth rates./B. Hoxha


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