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The Albanian parliament approves the 2025 budget, targeting economic growth and fiscal consolidation

by AI | 04.Dec 2024 | Europe in brief AI

Through this budget, priority sectors will receive support, such as: education, healthcare, infrastructure, digital services, agriculture, and the EU Growth Plan for the Western Balkans will be financed as a priority, as an important instrument for accelerating the country’s economic and social convergence.

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The Assembly in Albania approved the 2025 draft budget by 75 votes in favor and 24 against, which is considered twice as high as that of 2013, planning expenses of 822.7 billion lek, while the total revenue reaches 754.6 billion lek.

The budget for 2025 aims to fulfill two fundamental objectives: sustainable economic growth, creating employment, development, and well-being for all Albanian citizens; and fiscal consolidation, with the ultimate aim of reducing public debt and maintaining all macroeconomic and fiscal parameters at positive levels.

Through this budget, priority sectors will receive support, such as: education, healthcare, infrastructure, digital services, agriculture, and the European Union Growth Plan for the Western Balkans will be funded with priority, as an important instrument for accelerating the country’s economic and social convergence.

The financing of the planned public investments will be around 162 billion lek, or 6.2% of GDP, further supporting and developing tourism, agriculture, infrastructure.

Furthermore, the main objectives of fiscal policy are materialized, such as a positive primary balance and the reduction of public debt relative to Gross Domestic Product.

For the next year, the government aims for a debt level of 55.8% of GDP, down from the 56.3% expected to be reached by the end of 2024.

Also, ensuring a productive ratio between the total net borrowing of the budget and the capital expenditures of the central government remains a priority for her.

The budget foresees funds for the indexation and bonus of retirees, while it does not foresee salary increases. (December 4)

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