The Ministry for Finance today tabled in Parliament the half-yearly report for 2016 in line with Article 39 of the Fiscal Responsibility Act. This is the second half-yearly report since the enactment of the Fiscal Responsibility Act in August 2014.
In line with Article 39(8), the half-yearly report provides a review of the macroeconomic situation that includes the latest significant changes and trends since the finalisation of the final budget. It also provides an assessment of the impact of a revised macroeconomic scenario on the fiscal situation and a presentation of necessary corrective measures being undertaken and/or to be taken to address such impacts.
The half-yearly report explains how the implementation of the budget is consistent with Fiscal Rules and the Stability and Growth Pact requirements and provides data on the general budget revenues and expenditure performance. It also presents data on the absorption of European funds and data on all outstanding creditors for the first six months of the years.
The report also outlines whether there are shortfalls in the forecasted revenues and revenue arrears while it also provides data on Government debt developments and targets.
27th July 2016