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FDC warns Latvia’s budget may not have free fiscal space in 2019

Jānis Platais/fiscalcouncil.lv.
The 2019 state budget will not have free fiscal space, said chairman of Fiscal Discipline Council (FDC) Jānis Platais in an interview to 900 seconds programme of LNT.

He mentioned that everything that is possible to promise has been promised. Because of that, the budget has no free funds.

«If plans come up to increase funding somewhere, it will be necessary to reduce it someplace else,» added Platais.

Revenue of Latvia’s budget for 2018 is planned at EUR 8.75 billion. Total expenditures of the state budget are at EUR 8.95 billion. The largest funding increase is planned for healthcare. Budget of the country’s defence sector will reach 2% of GDP.

Maximum state debt at the end of 2018 is planned to be EUR 10.25 billion. Finance Minister will be able to provide guarantees on behalf of the state worth EUR 35,956,620. The minister will also be able to clear state loans worth EUR 40,897,907 to liquidated businesses or commercial associations.

GDP outlook for 2018 is set at EUR 28,359 billion. This year’s allowed general government deficit will be 1% of GDP.


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