Croatian govt adopts amendments to budget act.

By bne IntelliNews November 22, 2012
The Croatian government adopted amendments to the budget act on Wednesday, Nov 21, allowing local governments to borrow more money for EU-sponsored and energy efficiency projects, news agency HINA reported. Under the changes, the local governance units will be allowed to exceed the limit equal to no more than 20% of the revenue generated in the previous year for borrowing funds. The 20% limit was abolished since these are long-term projects and they would not lead to higher burden to the budgets of the local governance units, finance minister Slavko Linic was quoted as saying. He stressed that the local governments have been encouraged to participate more actively in the improvement of energy efficiency. The amendments also envisage the withdrawal of short-term loans with maturity of up to nine months. However, the local government units should not take more short-term loans for rescheduling or closing existing loans. Linic stressed that the amendments aim to tighten control on budget spending.
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