18/07/2003 13:14
The amendments in the economic philosophy put forward by the Finance Ministry through the Euro-Budget 2004, have already reached the final stage, sources told StockWatch on Friday. The Ministries have already submitted to the Finance Ministry their budgets, while Finance Minister, Marcos Kyprianou, has expressed his decisiveness that he will adopt a “strict policy” that may displease some of his associates in the Cabinet.
New systems and new economic philosophy
According to StockWatch sources, the State Budget will no longer be a simple submission of economic data and numbers. The Budget will contain the aims of the new economic policy and will outline the government’s economic policy “in political terms”.
To avoid “unpleasant surprises”, Mr. Kyprianou has made it clear that the Budget will be binding for each ministry separately, whereas the submission of complementary budgets will be almost “prohibited”. For example, the chapter “Development” must now register not only the amount, but also the aim for which the amount is reported.
Instructions
Mr. Kyprianou had publicly stated that the main aim of his economic policy is to deal with the fiscal deficit, the increased public debt and the high inflation: Indices that are not in line with the Maastricht criteria.
The government must, therefore, restraint its state expenditure and increase its revenues, as well as decline the fiscal deficit and the balance of current accounts.
FinMin to announce the new data on Mon
The Finance Minister is expected to brief the House Finance Committee on the amendments in the annual Budget on Monday at 11.00 am at an open press conference
New systems and new economic philosophy
According to StockWatch sources, the State Budget will no longer be a simple submission of economic data and numbers. The Budget will contain the aims of the new economic policy and will outline the government’s economic policy “in political terms”.
To avoid “unpleasant surprises”, Mr. Kyprianou has made it clear that the Budget will be binding for each ministry separately, whereas the submission of complementary budgets will be almost “prohibited”. For example, the chapter “Development” must now register not only the amount, but also the aim for which the amount is reported.
Instructions
Mr. Kyprianou had publicly stated that the main aim of his economic policy is to deal with the fiscal deficit, the increased public debt and the high inflation: Indices that are not in line with the Maastricht criteria.
The government must, therefore, restraint its state expenditure and increase its revenues, as well as decline the fiscal deficit and the balance of current accounts.
FinMin to announce the new data on Mon
The Finance Minister is expected to brief the House Finance Committee on the amendments in the annual Budget on Monday at 11.00 am at an open press conference
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