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Ekonomia

Government arrears increase significantly, debt goes to 197 million dollars, figures are clarified

Government arrears increase significantly, debt goes to 197 million dollars,

Government and local government debts to private companies have risen sharply in recent months. At the beginning of the year there was a significant decrease, but for September the figures have tripled. The Ministry of Finance reports that they have resulted in the level of ALL 19.7 billion, or about 197 million dollars at the end of September, while in June they were much less, 18 billion ALL approximately 180 million dollars. Thus, in September, the level of arrears of the Government returns to the levels of the pre-election period, seeing that in March their total amounted to approximately ALL 20 billion and approximately USD 200 million.

The strong reduction of arrears was marked during the pre-election period, when the Government almost completely abolished VAT refunds to businesses. In fact, unpaid VAT at the end of June results in very low historical levels, approximately $ 4.5 million.

Even more significant are the fluctuations in the outstanding liabilities of the central government. They have increased by about $ 20 million from June to September, from $ 97 million at the end of June, to almost $ 120 million at the end of September. Debts are about investments. So the companies that have received the tenders to make investments have not been paid on time and there are many who are waiting to receive the money. According to the figures, the central institutions in September have tripled the arrears compared to March this year: from about 20 million dollars in March, they result in approximately 40 million dollars at the end of June, to reach about 61 million dollars at the end of September .

Figures for 2020

At the end of 2020, arrears reached the figure of ALL 23.82 billion or in euros about 192.5 million euros. These liabilities are 56.32 million Euro liabilities of the Central Government; 57.04 million euros of Local Government Units of the Municipality; and € 79.17 million arrears from VAT refunds. Calculating the total government debt known as public debt plus liabilities, it results that Debt at the end of 2020 has reached 79.4% of Gross Domestic Product. If debts created from arrears resulting in 2020 were part of the Public Debt calculation, then debt for 2020 would not result in 77.9% of GDP as reported by the Ministry of Finance and Economy in the Q4 Debt Bulletin 2020, but would occupy about 79.4% of GDP, so public debt would be 1. 5% higher if it includes 'hidden' debts. If we analyze the structure of arrears according to the main economic accounts, we see that the central and local government have generated liabilities in 11 categories of expenditures, such as: Judicial Decisions, Services, Maintenance, Investments, VAT Refund, Goods, Other, Social Insurance, Health Insurance, Personal Income and Other Taxes. The VAT Refund Obligation is excluded here. Personal Income and Other Taxes. The VAT Refund Obligation is excluded here. Personal Income and Other Taxes. The VAT Refund Obligation is excluded here.

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