Many experts have forecast that, given slow GDP growth this year, the budget deficit might reach 6.6% of GDP. The Ministry of Finance is in charge of balancing budget spending in the coming months.
This year, budget spending is on the rise due to numerous changes in the government’s expenditure policies. In 2011, recurrent expenditure accounted for 59% of total budget spending, but in 2015, that number was almost 63%. Meanwhile, the proportion of development spending dropped from 26% of the total budget in 2011 to 18.8% in 2015. Some experts believe that the proportion of recurrent expenditure is too high.
The Government has addressed overspending and emphasised the role of the Ministry of Finance in balancing the budget.
Over the next five years, the Ministry of Finance will be in charge of restructuring state budget collection and spending.
