Примери коришћења Fiscal council's на Енглеском и њихови преводи на Српски
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See the Fiscal Council's"Proposal for Improving the Public Debt Capture and Measurement Methodology". Graph 3.
Projections of public debt trends from the Draft Fiscal Strategy differ a little from the Fiscal Council's projections, particularly when end-2012 and end-2013 are concerned.
Accordingly, the Fiscal Council's estimate of the public debt level at the end of 2012 of about 51% of GDP is mildly optimistic.
In view of the fact that the public debt capture defined by the Budget System Law is broader andthat it also includes the debt of local self-governments estimated at about 1% of GDP- the Fiscal Council's expectation is that the public debt, according to the definition in the Budget System Law, will be between 45% and 46% at the end of 2011.
The Fiscal Council's assessment is that due to the low growth of economic activity the public debt in 2012 will be above 45% of GDP.
When all of the above is taken into account5, the Fiscal Council's estimate is that the public debt will be around 51% of GDP at the close of 2012.
The Fiscal Council's assessment is that at the close of 2011 the public debt will most probably be above the legal limit of 45% of GDP.
Such an increase in a single year might seem ambitious at first glance, but the Fiscal Council's analyses shows that there are sufficient projects that are already ongoing and credible new plans to implement it.
The Fiscal Council's analysis points to a possible overestimation of public revenues in 2012 even at the planned GDP growth of 1.5%.
The period in which current expenditures need to be lowered is an additional limitation since the Fiscal Council's estimates point to unsustainable public debt growth in the absence of early commencement of fiscal adjustment(see Section 7:"Fiscal Framework for 2013 and 2014").
The Fiscal Council's report comprises three sections dealing with specific challenges in the individual environmental sectors.
The current level of public investments in environment(up to 100 million Euros per year)fails to meet even the minimum environmental protection standards. The Fiscal Council's analysis shows that, to reach the satisfactory environmental protection standards and harmonize with the European Directives, the government would have to allocate at least 8-9 bn Euros in the upcoming 10 to 15 years.
Therefore, the Fiscal Council's assessment is that revenues from contributions have been overestimated for the next year by about 0.2 p.p.
Actual size of the public debt probably exceeds the 46.4% of GDP-a, because the Fiscal Council's analysis has shown the existence of accumulated arrears of some budgetary beneficiaries(RFZO) which exceed the current operation potential for their servicing.
Fiscal Council's report analyses the issues and the necessary investments in three separate fields: wastewater and water supply, solid waste management and air quality protection.
ECONOMIC ACTIVITY ANDBUDGET DEFICIT IN 2012 The Fiscal Council's analysis indicates that estimated real growth of GDP of 1.5% is achievable in 2012, but that the economic growth is also threatened by serious risks of being even lower.
Fiscal Council's analyses(see chapter V), however, show that this tax cut aimed at businesses could have been double had the money not been unjustifiably routed into an excessive increase in the salaries of general government employees.
In the first four months of 2015, according to Fiscal Council's estimates, the implementation of public investments is already about 10 bn dinars behind schedule- which, simultaneously, is one of the major contributors to such a low fiscal deficit at the beginning of the year.
The Fiscal Council's analysis indicates that in the absence of a fiscal consolidation program the public debt will also continue to rise in the medium term.
The largest issues of public enterprises had been identified a long time ago(see the Fiscal Council's Study from 2014:"Analysis of State-Owned Enterprises: the Fiscal Aspect") and pertain to: superfluous employees, low revenue collection for services rendered, non-economic prices, non-rational units within the system, technical losses, organisational discrepancy from EU rules and environmental standards, increasing debt, insufficient investments etc.
The Fiscal Council's analysis indicates that the public revenue increase in 2013 is basically overestimated, particularly in the corporate income tax and non-tax revenue items.
The Fiscal Council's opinion is that a comprehensive plan of the public sector reforms needs to be prepared in 2012 and that legal regulations need to be changed in accordance with such plan.
According to the Fiscal Council's analysis, the amount of loans approved for the current infrastructure projects amounts to cca €5 billion, as much as €3.7 billion out of which remain available.
However, the Fiscal Council's estimate is that the public debt in 2012 will be above the legally defined limit of 45% of GDP and as such will violate the fiscal rule relating to pubic debt.
The Fiscal Council's analysis from June 2018, which clearly showed that salaries in the Ministry of Interior(MoI) were too high compared to other civil servants, can be used a good illustration of this point.
The Fiscal Council's analysis, however, shows that 1 such an increase in environmental investments is more than justified and that this is the field that most of the fiscal funds should be directed to, at this time.
The Fiscal Council's analysis is very important because it alerts us several years in advance of the future problems we will face if EPS does not become a normal profitable enterprise with independent and experienced management.
This explains the Fiscal Council's assessment that the overstepping of the public debt limit of 45% of GDP at the end of 2011 is of a lasting rather than temporary nature, and that it is necessary that the Government prepare a program for the public debt reduction.
On the contrary, Fiscal Council's recommendation is that the Government should plan the economic growth in the next year at the lower limit of Serbian medium-term economic growth trend of 3% in 2020, due to the deceleration of economic growth in Europe and CEE countries.
Fiscal Council's analysis shows that the adequate financial resources for that purpose are in place, as well as unquestionable projects, the implementation of which would significantly improve the quality of infrastructure in the country and prevent Serbia's entering a prolonged recession.