Deputy Finance Minister Filippos Sachinidis on Wednesday urged government ministries to strictly adhere to 2011 budget spending provisions aimed, primarily, at cutting the country’s fiscal deficit to below 3.0% of GDP by 2014.
In a circular sent to cabinet ministries to outline the main axes for executing the new and closely watched 2011 budget, the minister underlined that “implementing the spending leg of the budget, according to provisions, was a crucial point of fiscal policy and a necessary precondition to achieving its goals.”
He added that the budget plan did not allow for any overshooting of spending, and noted that any such cases would carry personal responsibilities.
Handout of funds will be made gradually and full payment will depend on the course of executing the budget, the circular said adding that cabinet ministries’ needs would be reviewed on a quarterly basis.
ANA
