www.fs-rs.si / News / News / Assessment by the Fiscal Council: Compliance of fiscal policy with the fiscal rules on the basis of the draft Stability Programme 2020 and the proposed Ordinance amending the Ordinance on the framework for the preparation of the general government budgets for the 2020-2022 period
Published: 04/28/2020

Assessment by the Fiscal Council: Compliance of fiscal policy with the fiscal rules on the basis of the draft Stability Programme 2020 and the proposed Ordinance amending the Ordinance on the framework for the preparation of the general government budgets for the 2020-2022 period

On 24 April 2020, the Fiscal Council received the proposal for the Ordinance amending the Ordinance on the framework for the preparation of the general government budgets for the 2020–2022 period and the draft Stability Programme 2020 in order to assess their compliance with the fiscal rules. According to the assessment of the Fiscal Council of 17 March 2020, the COVID-19 epidemic constitutes exceptional circumstances, which, under Article 12 of the Fiscal Rule Act, allow a temporary deviation from the medium-term balance of public finances. In such circumstances, extensive and multi-stage fiscal measures are appropriate and necessary. The measures are more effective when they are appropriately targeted, timely and simple. Due to their extensive nature, they must be fully transparent and, with regard to fiscal sustainability, temporary and appropriately embedded in a credible medium-term framework. While recognising a high uncertainty of the depth and duration of the decline in economic activity and the actual fiscal effect of the accepted and the announced measures, we find that the measures adopted so far do not fully comply with the stated principles.

© Fiscal Council 2017 - 2020

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