Macedonia to rebalance state budget by 3.2%.

By bne IntelliNews June 10, 2010
The Macedonian government has voted a draft revision of the 2010 budget, which envisages a budget cut of 3.2% or EUR 76.4mn, aiming at a budget deficit target of 2.5% of GDP. Our estimates based on the developments in April and May give us a strong belief that the reduction of MKD 4.7bn that we are proposing will be enough to keep a budget deficit at 2.5% that is our primary goal, Finance Minister Zoran Stavreski told A1 TV channel. Keeping in mind the uncertainties in Europe, we would of course be ready to take further steps if necessary, he noted. According to Stavreski, the cuts will affect most of the budget items except for health care, social protection and pensions. This will be the first rebalance of the 2010 budget and it must be approved by the country's parliament. The budget revenue for 2010 was initially projected at MKD 143.25bn and expenditures were forecast at MKD 153.7bn.

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