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MONTENEGRO
MINISTRY OF FINANCE
Podgorica, 10 March 2011.
Press Release: Fiscal Data as of February 2011
a) Current Revenues
As of February 2011, the current revenues of the Budget of Montenegro amounted to EUR
72,7 million, being bellow the planed ones by 8,1% for the aforementioned month. The
current revenues declined by 4,4%, compared to February 2010, mainly as the result of the
tax debt increase.
The tax revenues were collected in the amount of EUR 68,72 million, out of which direct
taxes were collected in the amount of EUR 30,10 million, while the collection of the indirect
taxes amounted to EUR 38,62 million. The non – tax revenues collection amounts to EUR 4
million.
VAT revenues were collected in the amount of EUR 26,56 million superseding the plan,
being by 13,8% above the plan and by 17,9% above the collected amount in February 2010.
Contributions collection was by 18% bellow the planned collection envisaged in February. In
addition to the increase in tax arrears, weaker contributions collection was additionally the
result of the payment of wages contributions being paid out from the budget. In February
last year, contributions for January and a part of February were payed, while in February
this year only contributions for January payed from the budget were payed.
The international trade and transactions (customs) taxes were collected in the amount of
EUR 3,15 million, being by 3,2 % bellow the plan and by 8,3% above the collected amount
in February last year.
Excises were collected in the amount of EUR 8,54 million, representing a decline of 17 45%
compared to the previous year. The decline was generated both by the change in the
excises structure against the last year and the different payment excises method. Namely,
the share of excises on mineral oils declined from 88,4% to 73%, while the share on excises
on tobacco increased by 8% in February last year to 31,9% in February 2011.
The following Graph gives the overview of the revenues plan and collection for February
2011 and revenues collection for February 2010:
81000 Podgorica, Stanka Dragojevića Street No. 2
tel: +382 20 242 835; fax: +382 20 224 450; e-mail: [email protected]
Plan February 2011
Current revenues
Execution February 2011
Execution February 2010
30,00
in mill €
25,00
20,00
15,00
10,00
5,00
0,00
Personal Income Value Added Tax
Tax
Excises
Tax on
International
Trade and
Transactions
Contributions
Other revenues
b) Budget Expenditures
In February, budget expenditures were estimated at EUR 93,2 million or 2,93% of GDP.
Compared to the same period of last year, expenditures are higher by 8,9%, as a result of
the increase in expenditures accounted for on the items “Pension and Disability Insurance
Rights”, i.e., pension benefits and “Social Protection Rights” against February 2010, as the
result of increase in the social protection users.
The highest expenditures execution was recorded on the gross wages expenditures in the
amount of EUR 30,3 million, pensions expenditures in the amount of EUR 29,4 million and
transfers to institutions in the amount of EUR 6 million. In February, the capital budget
amounted to EUR 5,1 million..
In February 2011, the deficit in the Budget of Montenegro was estimated at EUR
20,47million, while in the same period of last year deficit amounted at EUR 9,5 million..
Budget of Montenegro
100,00
80,00
Februar 2010
in mill €
60,00
Februar 2011
40,00
20,00
0,00
Current revenues
Expenditures
Surplus/ Deficit
-20,00
-40,00
81000 Podgorica, Stanka Dragojevića Street No. 2
tel: +382 20 242 835; fax: +382 20 224 450; e-mail: [email protected]
81000 Podgorica, Stanka Dragojevića Street No. 2
tel: +382 20 242 835; fax: +382 20 224 450; e-mail: [email protected]
The Table bellow shows the current revenues collection and the expenditures execution with
the financing structure in million €:
Budget of Montenegro
Current revenues
Taxes
Personal income tax
Corporate profit tax
Real estate turnover tax
VAT
Excises Duties
International trade and transactions taxes
Other revenues
Contributions
Pension and disability insurance contributions
Health insurance contributions
Contributions from unemployment
Other contributions
Duties
Fees
Other revenues
Receipts from the repayment of loans
Expenditures
Current budgetary consumption
Current expenditures
Gross wages and contributions charged to
employer
Expenditures for material and services
Interest
Capital expenditures in the current budget
Other current expenditures
Social protection transfers
Social protection rights
Funds for employees proclaimed redundant –
severance pay
Pension and disability insurance rights
Other health protection rights
Other health insurance rights
Transfers to public institutions, NGO’s
Capital budget
Other expenditures
Surplus / Deficit
Primary Deficit
Debt repayment
Repayment of principal to residents
Repayment of principal to nonresidents
Repayment of liabilities from previous years
Financing needs
Financing
Borrowings and loans from domestic sources
Borrowings and loans from abroad
Privatization revenues
Use of state deposits
February 2010
February 2011
% of Execution
mil €
mil €
2011/2010
76,05
44,48
6,03
2,03
0,42
22,52
9,86
2,91
0,71
26,45
16,36
9,07
0,72
0,30
1,53
1,51
1,84
0,24
85,55
84,90
33,38
72,72
45,24
6,18
0,44
0,08
26,56
8,54
3,15
0,29
23,49
14,42
7,94
0,69
0,43
1,17
1,17
1,43
0,22
93,19
88,09
43,12
95,62
101,71
102,45
21,80
20,32
117,92
86,56
108,39
40,73
88,78
88,14
87,53
95,84
143,93
76,67
77,44
77,60
94,35
108,93
103,76
129,18
22,19
6,63
0,25
0,60
4,30
34,13
4,10
30,28
7,15
0,39
0,40
4,89
37,24
4,90
136,41
107,88
156,67
66,24
113,76
109,12
119,41
1,50
26,89
0,71
0,93
15,57
0,65
1,83
-9,50
-9,25
3,54
1,38
0,20
1,95
-13,03
13,03
6,00
0,21
0,19
0,78
1,42
29,42
0,80
0,70
5,98
5,10
1,76
-20,47
-20,08
2,33
0,06
0,74
1,52
-22,80
22,80
0,58
0,32
0,15
0,85
94,95
109,43
112,54
75,14
38,39
786,99
96,19
215,56
217,16
65,81
4,46
375,22
77,98
174,92
174,92
0,00
151,45
77,62
108,54
81000 Podgorica, Stanka Dragojevića Street No. 2
tel: +382 20 242 835; fax: +382 20 224 450; e-mail: [email protected]
The difference between the receipts and expenditures in January was, to the greatest
extent, financed by the state deposits, whereas the decrease in deposits in February
amounts at EUR 20,9 million.
c) State Debt Trend
The State debt of Montenegro as of 28th February 2011, amounts to EUR 1.258,4 million or
39,7% of GDP. The internal debt amounts to EUR 356,2 million or 11,2% of GDP, while the
external debt amounts to EUR 902,2 million or 28,5% of GDP.
The State debt at the end of January 2011, amounted to EUR 1.258,1 million or 39,7% of
GDP. The debt stock compared to the end of January increased by EUR 0,3 million,
whereas the external debt was increased by EUR 0,4 million, while the internal debt
declined by EUR 0,1 million.
As of end of February, state deposits amounted to EUR 114,5 million, including 38,477
ounces of gold, thus the state debt net amount is of around 36,08% of GDP. The decline in
deposits, compared to January 2011 amounted at EUR 20,9million.
The Table below indicates the state debt stock as of 28yh February 2011, in million € and in
percent of GDP:
Sate Debt Stock
Debt
Stock
Debt/BDP
International Financial Institutions1
474,7
15,0%
Bilateral Soft Loans2
133,5
4,2%
Banks3
294,0
9,2%
Total Foreign Debt
902,2
28,5%
Old Foreign Currency Exchange Savings
99.2
3.1%
Local Governments Debt
46.2
1.5%
Liabilities in respect of compensations
78.5
2.5%
Credits with commercial banks
17.3
0.5%
Credits with non-financial institutions
48.2
01.5%
Overdue pensions
17.2
0.5%
T – Bills
49.6
1.6%
Total Domestic Debt
356.2
11.2%
Total State Debt
1,258.4
39.7%
Creditor
Foreign Debt
Domestic Debt
1
The World Bank (IBRD, IFC, IDA), Paris Club of Creditors, EIB, EBRD, CEB, European Community,
KfW;
2 Bilateral Agreements entered with the Governments of Austria, Hungary, Poland France and Spain,
Eurofima, Czech Exim Bank, Hungarian Exim Bank, Societe Generale for IT and Steiermarkische
Bank und Sparkassen AG for the purchase of fire protection vehicles;
3 Loan arrangements for the Budget financing (Eurobonds, Credit Suisse, Erste Bank)
81000 Podgorica, Stanka Dragojevića Street No. 2
tel: +382 20 242 835; fax: +382 20 224 450; e-mail: [email protected]
d) Issued Guarantees Trend
As of 28th February, issued guarantees of Montenegro amount to EUR 377,31 million4, or
11,9% of GDP, or 29,9% of public debt. Disbursed foreign guarantees of Montenegro
amount to EUR 335,14 million or 10,6% of GDP, or 26,6% of debt, while the guarantees
issued for credits with the domestic banks amount to EUR 42,17 million or 1,3% of GDP, or
around 3,3% of state debt.
Compared to end of January 2011, domestic guarantees increased by of around EUR 4
million, while the foreign guarantees declined by EUR 0,8 million. The increase in the
domestic guarantees was generated due to the recording of loan funds disbursement for
Melagonija – Bar, in the amount of EUR 4 million, for which the state issued the guarantee.
4
Total amount of signed foreign guarantees amounts of around EUR 534,82 million.
81000 Podgorica, Stanka Dragojevića Street No. 2
tel: +382 20 242 835; fax: +382 20 224 450; e-mail: [email protected]