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The 2023 budget is revised: 436 million euros are redistributed, mainly for roads and reconstruction

2023-10-31 12:34:46Biznes SHKRUAR NGA REDAKSIA VOX

The 2023 budget is revised: 436 million euros are redistributed, mainly for

The revision of the 2023 budget through the last normative act foresees an increase in general expenses, against the increase in income, in the same amount of +7.5 billion ALL, reaching a total of 705.6 billion ALL. Together with this increase, the Normative Act redistributes about 46 billion ALL (436 million euros), this value generated as a result of the combination of savings in the items that have had under-realization at the 9-month level on the one hand, and the allocation of extras for policies and projects with positive performance, on the other hand, said today in the Parliamentary Committee of the Economy, the Minister of Finance and Economy, Ervin Mete.

He explained to the deputies that public expenditures during 2023 are characterized by high savings, as a result of the improved energy situation, lower interest expenses, and progress in some public investment projects, especially with foreign financing, which due to mainly procedural delays have not reached the planned disbursements. Meanwhile, the implementation of internal projects, in particular the Reconstruction process, is intended to be further accelerated through the reallocation of additional funds proposed in this normative act.

The minister said that the additions to the budget expenditures go to sectors such as reconstruction, water supply, roads, agriculture, state police, etc. In concrete terms, the most significant increases have been applied to:

The Reconstruction Fund , which increases to the amount of +12 billion ALL, in order to meet the needs for the financing of ongoing projects, which are currently implemented by the municipalities and the Albanian Development Fund. This addition ensures the full financing of the works carried out so far, as well as the works expected to be carried out until the end of 2023.

Internally financed projects increase by 13.8 billion ALL, mainly in order to accommodate obligations for ongoing road projects with around 8.6 billion ALL, water supply projects with around 4.9 billion ALL, AKSHI with 2.35 billion ALL and the Albanian Development Fund with 1.5 billion ALL. Budget funds for capital expenditure are being directed towards those sectors, which perform better, of course evaluating all sectors.

Current expenses increase by ALL 10.7 billion, where the main place is occupied by the support for farmers, the disability scheme, the former persecuted, the police, the prison system, the roads and the maintenance of the ANA systems. 

The Reserve and Contingency Fund has been increased by ALL 1.7 billion, namely ALL 300 million of the reserve fund in order to guarantee the financing of unforeseen expenses until the end of 2023 and ALL 1.4 billion of contingency in order to eventually address all the remaining requests of the institutions for coverage of the effect of the application of new salaries for 2023.

250 million lek are added to the funds for the local government for the part of the allocated taxes that are transferred to the local budget, due to the high realization of the personal income tax and the mining rent tax at the country level . Also, an additional amount of 220 million ALL is granted, in the form of an unconditional transfer to cover the expenses of activities and functions of local self-government units with financial difficulties.

According to the minister, it is important to reiterate that "the changes proposed in this Normative Act do not affect the budget deficit, which is maintained at the level of the initial 2023 plan, ensuring the further decline of public debt in relation to GDP".

Mete said that, in concrete terms, during the January-September period, revenues from taxes and customs were realized 100.2%, meanwhile, revenues from social and health insurance contributions were realized 111.4%, collecting 10.4 billion ALL more. Also, for the end of 2023, a positive performance in the realization of customs and tax revenues is predicted.

The economy has had a positive performance and recently we revised upward the projections for the real growth of this year, to 3.7%, from 2.6% which was the initial forecast. Even the World Bank and the International Monetary Fund have revised upward their forecasts for Albania's economic growth this year.


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