Finland Times

Thursday, 06 October, 2022
Home BUSINESSEUR 6.6 billion deficit budget drafted for 2014
« Previous News
Thu, 08 Aug, 2013 02:34:19 AM
Painful but essential: Finance Minister
FTimes-STT Report, August 8
Finance Minister Jutta Urpilainen presents the 2014 budget proposal press conference in the Government Palace in Helsinki on 7 August 2013. Photo - Lehtikuva.
The government on Wednesday prepared a draft of the budget for the year 2014 with a deficit of EUR 6.6 billion.
The Finance Minister, Jutta Urpilainen after the preparation of the draft said that the budget has been drafted without bringing any major changes to the budget planning placed in the parliament in March.
The draft proposal of total EUR 53.9 billion would take the debt of the government to EUR 98 billion.
Terming the budget as painful, the minister said that such kind of budget was essential considering the overall economic situation of the country.
“It is important for every Finnish to understand that the time passed will never  come back,” Urpilainen said, adding that the country is going through a difficult and painful structural reforms.
The minister said that the reforms are essential to overcome the situation.
She said that the government decided to give subsidy in some sectors including infrastructural development of the roads transport works, repairing houses and up-gradation of the energy efficiency.
The budget would promote the growth in economic and employment by increasing the maximum deduction to private individuals for home renovations and homecare services from the existing amount of EUR 400 to EUR 2,400, said the Finance Minister.
The draft budget, however, upholds the decision taken in the budget planning to cut the corporate tax.
Terming the economic downswing, exceptional structural transformations affecting industry and the deficit in public sector as three major challenges in Finnish economy, the minister said that the situation should be dealt with carefully keeping patience.
Earlier, on the opening day of internal preparation meeting on Tuesday the Finance Minister assured that no more expenditure policy will be followed in the budget for the next year (2015).
Earlier, the Prime Minister, Jyrki Katainen on Monday said that the main objective of the government’s economic policy is to narrow down the debt.
Terming the country’s present fragile economic situation as the reason behind taking more and more loan, Katainen , also chief of the National Canalisation Party (Kokoomus) said that his government was trying to decrease significant amount of debt by the end of this regime.
 He also said that the government had to compromise with the deficit target.
Earlier, the coalition government on March 21 announced the budget planning in the parliament for the next fiscal aiming to adjust an amount of EUR 600 million.
« Previous News
comments powered by Disqus
More News

Copyright © 2022 All rights reserved
Developed By -