Econ­omy be­ing de­prived of much-needed liq­uid­ity by state

Kathimerini English - - Focus - BY EIRINI CHRYSOLORA & PROKOPIS HATZINIKOLAOU

Jan­uary dataon the ex­e­cu­tion of the state bud­get re­vealed that ex­pen­di­ture has again been held back ex­ces­sively, while the state’s ex­pired debts re­mained high at the end of 2017 as de­spite the pay­out forced by the coun­try’s cred­i­tors, the state has con­tin­ued to run up fresh ar- rears to tax­pay­ers and sup­pli­ers.

Pro­vi­sional fig­ures from the Fi­nance Min­istry re­vealed yes­ter­day that spend­ing last month on the Pub­lic In­vest­ments Pro­gram did not even come to half that fore­seen, amount­ing to just 83 mil­lion eu­ros against a bud­geted 175 mil­lion. Bud­get ex­pen­di­ture missed its tar­get by 123 mil­lion eu­ros, reach­ing 3.09 bil­lion eu­ros.

Rev­enues were much higher than planned last month, amount­ing to 4.78 bil­lion, against 3.89 bil­lion in the bud­get, or 891 mil­lion eu­ros above tar­get. Con­se­quently the pri­mary sur­plus amounted to 1.88 bil­lion eu­ros, com­pared to a tar­get for 722 mil­lion.

State Gen­eral Ac­count­ing Of­fice data showed yes­ter­day that the state’s out­stand­ing pay­ments to sup­pli­ers and tax re­bates to tax­pay­ers added up to 3.32 bil­lion eu­ros at end-De­cem­ber, down by just 500 mil­lion eu­ros from three years ear­lier, even though the state paid off debts of 1.6 bil­lion eu­ros last year.

The over­due obli­ga­tions of min­istries, so­cial se­cu­rity funds, hos­pi­tals, lo­cal au­thor­i­ties and other state en­ti­ties amounted to 2.56 bil­lion eu­ros, down from 3.14 bil­lion a month ear­lier, while out­stand­ing tax re­bates came to 765 mil­lion from 776 mil­lion eu­ros at end-Novem­ber.

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