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Defects: From July 1, the salary increase starts

2024-03-21 11:51:00, Ekonomi CNA
Defects: From July 1, the salary increase starts
Ervin Mete

The Minister of Finance, Ervin Mete, in his speech in parliament, in the plenary session of the Assembly on the Normative Budget Act for 2024, stated that the economy had a very good performance during 2023. Mete emphasized that this good progress is continuing even in the first months of 2024.

"The good performance of the economy has also been reflected in the labor market. Employment increased, while the unemployment rate at the end of 2023 dropped to 10.7%, one of the lowest historical rates," he said. 

The Minister of Mete clarified that the 2024 budget will continue the support for a significant increase in wages, making it possible to achieve the objective set for an average wage level of 900 euros per month within the year 2024.

"Within the next month, it is expected that the VKM will be finalized that will detail these salary increases, which start from July 1, 2024," he said. 

The minister's speech in the Assembly: 

The normative act for changes in the 2024 Budget, which is presented today for review and approval, reflects the necessary changes in the budget within the reorganization of ministries according to the relevant areas of responsibility. Also, this normative act makes some changes in terms of income and expenses, to reflect an increase in income and optimization of expenses, reducing the budget deficit at the same time.

As we emphasized earlier, the economy had a very good performance during 2023, where it turns out that the main macro-economic indicators had significant improvements. This good performance is continuing in the first months of 2024.

Economic sentiment, business and consumer perception, has reached historically high levels. Also, other consumption and investment indicators suggest accelerated growth. During 2023, we revised upward the projections for real growth in 2023 to 3.5% from 2.6% which was the initial forecast, this was also confirmed by the World Bank and the IMF, who also revised upward their forecasts for the economy during 2023.

The good performance of the economy is also reflected in the labor market. Employment rose, while the unemployment rate at the end of 2023 fell to 10.7%, one of the lowest rates on record.

Inflation, turned in recent years into one of the main macroeconomic issues since the beginning of the war in Ukraine, for our economy has turned out to be significantly lower than in the countries of the region or the average of the European Union, and currently, in February, inflation dropped to 2.6%, returning within the Bank of Albania target faster than forecasts.

The external position of the economy has also seen a significant improvement. For the 9-month period of 2023, the country's economy recorded a current account surplus for the first time. As the annual Balance of Payments statistics for 2023 are awaited, expectations are for a significant improvement in the current account, compared to historical trends.

The tourism sector has had a significant impact on this improvement, a trend that has continued in the first months of this year, which is expected to be an even more positive year in terms of tourism and the impact of this sector on the country's economy.

Also, foreign direct investments have followed the upward trend. At the end of the nine months of 2023, foreign direct investments reached 1.1 billion Euros, 10.6% more than the same period of 2022.

Fiscal consolidation marked another positive achievement. Public debt, a key indicator of the sustainability of public finances, fell below the 60% level of GDP, reaching 59.2% at the end of 2023, the lowest level since 2010. This improvement, in addition to reducing the cost of borrowing , increases the security of the country to cope with possible future shocks.

The primary balance at the end of 2023 was positive, – in other words, all budget expenditures of 2023, not including interest, were met without additional borrowing, – and at the same time the budget deficit was kept at a moderate level of 1.4% of GDP.

Arrears in December 2023 fell to the lowest level since the Ministry of Finance began monitoring in 2016, at nearly 1% of total expenditures. Also, at the end of 2023, there will be no arrears regarding VAT refunds for businesses.

The pension scheme has also marked a significant improvement. Contributory income reached 134 billion ALL in 2023, or double the level from the beginning of the reform in 2015. This increase has strengthened the financial sustainability of the pension scheme, reducing the deficit and therefore the transfer of the state budget towards the scheme .

More specifically, the deficit of the pension scheme has been reduced to 0.8% of GDP in 2023, which is the lowest level ever recorded, from 1.93% of GDP in 2015, when the pension reform began .

At the end of 2023, the income level reached 643 billion ALL, with a realization of almost 100%, even with the revised plan increasing with the normative act of December.

This good performance is continuing in the first months of 2024.

According to the data for the period January-February, the total income reached about 104 billion ALL, or 4.9% above the plan.

Based on these developments, with the Normative Act presented today, revenues for 2024 have been revised upward, reaching 28.2% of GDP, which is the highest historical target level.

Sa i përket shpenzimeve publike, për vitin 2023, ato arritën afro 675 miliardë lekë, me një realizim 95.6% sipas planit vjetor të ndryshuar me aktin normativ të dhjetorit.

Investimet publike në vitin 2023 u realizuan në rreth 5% të PBB-së, ndërsa në buxhetin e vitit 2024, financimi i investimeve publike parashikohet të arrijë 5.6% e PBB-së, duke mbështetur rritjen e mëtejshme ekonomike, zhvillimin e turizmit, infrastrukturën, si edhe duke nxitur më tej punësimin.

Me ndryshimet e propozuara përmes këtij akti normativ, krahas buxhetimit të ristrukturimit të ministrive, po mbështesim gjithashtu një Instrument të Garancisë Shtetërore prej 4 miliardë lekë për bizneset e sektorit të industrisë përpunuese fason, të cilat kanë nevojë të përmirësojnë proceset teknologjike dhe të rrisin më tej produktivitetin, kjo edhe për të përballuar efektet e goditjeve në këtë sektor. Ky instrument synon mbështetjen e bizneseve nëpërmjet garancisë shtetërore të huasë, me qëllim sigurimin e financimit të nevojshëm nga bankat e nivelit të dytë, financim i cili pritet të jetë me kushte më lehtësuese sesa ato të kredive tregtare.

Gjithashtu, ndryshimet në këtë Akt parashikojnë riklasifikimin e kategorisë së financimit të portit të ri tregtar, financimin e strukturës së posaçme në mbrojtje të mjedisit dhe zhvillimit të turizmit, si edhe mbështetjen financiare për rikonstruksionin e disa godinave dhe përmirësimin e kushteve infrastrukturore të arsimit profesional, në kuadër edhe të vëmendjes së qeverisë për këtë sektor.

Buxheti 2024 do të vijojë mbështetjen për një rritje domethënëse të pagave, duke bërë të mundur që brenda vitit 2024 të realizohet objektivi i vendosur për një nivel page mesatare prej 900 euro në muaj. Brenda muajit të ardhshëm pritet që të finalizohen VKM-të që do të detajojnë këto rritje të pagave, që fillojnë nga 1 korriku i vitit 2024.

Ky buxhet, parashikon rritjen e mëtejshme të pagave për mjekët e përgjithshëm, infermierët dhe punonjësit e tjerë shëndetësorë, mësuesit në arsimin parauniversitar, forcat e rendit, të mbrojtjes, si edhe punonjësit e niveleve zbatuese në administratën qëndrore. Gjithashtu, synojmë të mbështesim rritjen e pagave edhe për punonjësit e pushtetit vendor.

Financohet gjithashtu indeksimi i mëtejshëm i pensioneve, si dhe shpërndarja e bonusit të fundvitit për pensionistët, ku përfitojnë 717 mijë pensionistë. Për indeksimin e pensioneve gjatë dy viteve të fundit, buxheti ka alokuar afro 30 miliardë lekë, shifër kjo e konsiderueshme, duke marrë parasysh efektin e përhershëm në vitet në vijim.

Gjithashtu, me konsulencën e Bankës Botërore, po analizojmë komponentët e mbrojtjes sociale për një tjetër qasje reformuese, me qëllim rritjen e mëtejshme të mbështetjes për këto kategori, si edhe sigurimit të një raporti sa më të drejtë mes nivelit të kontributeve dhe përfitimeve në skemën e pensioneve.

The Education and Health sectors will continue to be financed at the level of over 3% of GDP, supporting not only the increase in salaries for teachers and health workers, but also the further improvement of the educational and hospital infrastructure, for better quality services for citizens. .

For the Defense sector, for the first time, the major objective related to the commitments made within NATO was achieved, bringing the defense budget to 2% of GDP. This budget, as I pointed out, will finance the increase in the salary level for military personnel as well as the modernization of the Armed Forces in weapons and military equipment.

Next comes support for justice, a sector that has been supported as a priority since the initiation of the justice reform. The 2024 budget foresees about 26.2 billion ALL for this sector, or about 94% more than in 2016, when the implementation of the reform began.

Local government expenditures for 2024 are estimated at 71.4 billion ALL, with an increase of 10.4% compared to the 2023 budget. An important part of the local government budget is the central government grant to local units in the amount of 36.5 billion ALL . The unconditional transfer for 2024 is in the amount of 24.3 billion ALL, a transfer which has doubled compared to 2015, when the administrative-territorial reform started.

These expenses are expected to be realized while at the same time continuing the fiscal consolidation, projecting a downward trend of the public debt, as well as further reducing, with this normative act, the budget deficit by ALL 4 billion./CNA 

 





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