TIRANA (Albania), November 23 (SeeNews) – Albania's parliament said it has endorsed on first reading the 2019 draft budget which focuses on fiscal consolidation, debt reduction and revenue growth, giving priority to public investment.
The draft proposed by the government envisages revenues of 486.5 billion leks ($443 million/339 million euro) and expenditures of 519.4 billion leks, the assembly said in a statement late on Thursday.
In comparison, Albania's 2018 revised budget envisages revenues of 464.3 billion leks and expenditures of 496.7 billion leks, resulting in a deficit equivalent to 2% of the GDP planned for the year.
The draft, approved in a 77-0 vote with no abstentions in the 140-seat parliament, envisages economic growth of up to 4.3% next year.
The government plans to cut public debt-to-GDP ratio to 64.9% in 2019 from around 66% expected this year.
The budget also plans public investment at the equivalent of 5% of GDP.
The draft needs to be adopted on second reading to become law.
(1 euro = 123.946 leks)