Budget, Estonia, Financial Services, Legislation
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Sunday, 05.05.2024, 17:59
Estonian government approves of the bill requiring budgetary balance
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"The new state budget law will create prerequisites for continuing with conservative budgetary policies. The European Commission and OECD have acknowledged Estonia's state finances situation so far, but also referred to the need to stipulate the current practices more in laws to guarantee the long-term budgetary balance aim," said finance minister Jürgen Ligi.
The structural budgetary position of the government will have to be at least balanced, based on economic forecasts. In case of a considerable deviation from budgetary balance, the government has to make proposals to improve the budgetary balance and after revising the deviation, has to plan a surplus at last 0.5% of GDP a year till a surplus similar to the budget deficit figure is achieved.
The budgetary rule will be enforced also on foundations, companies and public corporate persons belonging to the central government sector.
The new state budget law will replace the old one, valid since 1999, from January 1, 2014.
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