Already this year the Ministry of Finance (MoF) will start to review base expenditures of line ministries. The Ministry will also start to develop medium-term tax guidelines. Two of the most important aspects to ensure quality of public funds are effective use of state budget expenditures, as well as stable and predictable tax revenues in the state budget to guarantee fulfilment of state functions, in particular, to finance security, social and economic measures, which are top priorities of the government.
On Tuesday, September 29, at the meeting of the Cabinet of Ministers (CoM) the government approved the draft law on the state budget for 2016 and the draft law on the medium-term budget framework for 2016, 2017 and 2018. Next year’s consolidated budget revenue is estimated at EUR 7.38 billion, but expenditure – at EUR 7.655 billion. The admissible state budget deficit is 1% of gross domestic product (GDP).
On Tuesday, September 29, at the meeting of the Cabinet of Ministers the government approved the draft general government budget plan of Latvia for 2016. It is planned that the general government budget plan of Latvia will be submitted to the European Commission (EC) and the Eurogroup on September 30.