Fiscal Responsibility and Budget Management Act

Ljubljana – The Fiscal Council has noted that at least one of the two conditions enabling the government to depart from the obligation of medium-term fiscal balance under exceptional circumstances will be met next year. It has thus advised caution and again called on the government to clearly define mitigation measures and quantify their fiscal effect.

Turkey targets to decrease the central government's budget deficit-to-gross domestic product ratio gradually until 2022, according to the country's medium-term fiscal plan.

The fiscal results up to and including 2016 were good and the budget deficit was significantly reduced in the second year of fiscal consolidation.

Fiscal Council President Pavle Petrovic said this on Monday.

The International Monetary Fund (IMF) has praised Turkey's progress in fiscal transparency practices in a new report.

In its fiscal transparency evaluation report for Turkey, which was released on July 18, the IMF said Turkey made considerable strides in enhancing its practices over the past decade and a half.

In the recommendations, which are very similar to those issued last year, Slovenia is called to pursue its fiscal policy in line with the requirements of the preventive arm of the Stability and Growth Pact, "which translates into a substantial fiscal effort for 2018".

A new set of financial laws, aimed at strengthening the efficiency of the implementation of fiscal consolidation entered into force in Serbia on January 1.

It is meant to fight the gray economy and ensuring financial discipline and economic recovery of the country, the Ministry of Finance said.