Deficit reduction in the United States

Greece: Prior Actions

Policy Commitments and Actions to be taken in consultation with EC/ECB/IMF staff:

1. 2015 supplementary budget and 2016-19 MTFS[1]

A series of proposals by the Greek government to the country's creditors include a primary surplus target of 0.6 percent of GDP this year, 1.5 percent of GDP in 2016, 2.5 percent of GDP in 2017 and 3.5 percent of GDP in 2018, according to a document seen by Kathimerini.

By EU Economic and Monetary Affairs Commissioner Pierre Moscovici

Global growth and world trade are expected to strengthen modestly, though at a slightly slower pace than envisaged in winter.

The European Commission has slightly revised its estimates of Romania's economic growth in 2015 to 2.8 per cent, from 2.7 per cent, as estimated in February, according to the Commission's Spring 2015 Economic Forecast released on Tuesday.

Photo credit: (c) Yves Herman / REUTERS

The consolidated general budget ended Q1 2015 with a significantly higher surplus, 4.9 billion lei, 0.7% of GDP respectively, compared to a surplus of 2.3 billion lei, 0.33% of GDP respectively, in the first two months of this year, according to the data released by the Ministry of Public Finance (MFP).

Photo credit: (c) Cristian NISTOR / AGERPRES ARCHIVE

The Government's initiative of rewriting the Tax Code is justified and welcome, given the many modifications brought to this document over the years; nevertheless, major cuts to taxes and duties are not sustainable, the Fiscal Council says in its opinion on the Tax Code revision project.

Photo credit: (c) Cristian NISTOR / AGERPRES FLOW

BELGRADE - Serbia registered an unusually high general state surplus of RSD 16.6 billion in January, and the Fiscal Council says that the achieved result is in line with the planned fiscal framework for this year.

The flat tax rate will go down from 16 percent to 14 percent as of January 1, 2019, Minister of Public Finances Darius Valcov announced at the government meeting for the presentation of the draft amendments to the Tax Code and the Tax Procedure Code.

Photo credit: (c) LIVIU SOVA / AGERPRES FLOW

BELGRADE - The best anti-recession measure available to Serbia right now is an increase of public investments which should increase from 3 to 3.5 percent of the GDP this year, the Fiscal Council (FC) released.

There is enough money to achieve this, and there are also projects which can be realised to this end, states the Council in the latest analysis.

Turkey’s spending for social benefits in 2013 rose to 13.8 percent of the GDP, according to a report from the Turkish Statistical Institute released Dec. 29.

Expenditures on social protection accounted for 219.9 billion Turkish Liras ($94.2 billion) in 2013, an increase of 12.5 percent from that of the previous year, the report said.