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10-month, the budget accumulates the largest surplus in history, 457 million euros

Politiko 2023-11-29 07:23:22

10-month, the budget accumulates the largest surplus in history, 457 million

At the end of the 10th month, the budget balance recorded a surplus of 48 billion ALL (457 million euros), the highest historical level.

This surplus has been accumulated from January to October, while according to the 2023 normative act, at the end of the year the budget must have a deficit of about 55.4 billion ALL. Last year, in this period, the budget had a surplus of ALL 10.3 billion.

The most detailed data from the fiscal tables of the Ministry of Finance show that the budget surplus was helped by the increase in income beyond the initial plan and on the other hand the non-realization of expenses in some items such as "Reserve Fund" and "Capital Investments".

Throughout the transition period, the public budget is in deficit as the needs for public spending are greater than the income and thus the debt accumulates.

The public sector in Albania is underfunded in relation to the Region because the Albanian administration and pensioners have payments from 30-40 percent lower and the country has the biggest gap in infrastructure. On the other hand, expenses for education and health continue to be the lowest.

From the deficit/surplus alone, the government has more than 1 billion euros available. Sources from the Ministry of Finance claim that a significant part of the savings will be used to pay off the debt.

After consultations with the International Monetary Fund, the debt in relation to GDP is expected to close at the level of 60 percent this year, from 64 percent that was at the end of the 9th month. To achieve this goal, the government had to pay off about 87 billion ALL from the debt.

Despite the great needs for spending, many budget indicators cannot be realized. It is known that the needs for spending on education and health are still high, but in some items, non-realization is noted.

The High State Control in routine checks shows that often the public administration has insufficient capacity to allocate funds. Irregular procurements and complaints cause very often the tendering of public funds to fail even in very vital items.

By reading the budget requests of public entities and comparing them with the actual budgets, it is noticed that the need for financing in some sectors is much higher.

For example, in the Ministry of Education, for many years, the requests for technology investments in schools have been much higher than the approved budget funds, and on the other hand, in the largest hospital center in the country, the requests for medications are 4 times higher than available funding. Monitor