November 22 (SeeNews) - The U.N.-run Serbian province of Kosovo had a budget surplus of 265.3 million euro ($393.49 million) for the first nine months of the year, up from 119.2 million euro a year earlier, as revenue rose much faster than spending, Kosovo's Central Banking Authority (CBAK) said on Thursday.
Spending in the nine months through September totalled 407 million euro, CBAK said in its monthly report, quoting data of Kosovo's economy ministry.
The province turned to budget surplus of 76.5 million euro at the end of 2006 from 57.7 million euro deficit a year earlier.
Details follows (in millions of euro):
|
|
9-mo'07 |
9-mo'06 |
6-mo'07 |
| total revenue |
672.3 |
519.3 |
446.3 |
| -tax revenue |
516.1 |
454.8 |
316.5 |
| -non tax revenue |
134.1 |
42.6 |
116.3 |
| total spending |
407.0 |
400.2 |
276.6 |
| -salaries |
147.9 |
134.9 |
102.3 |
| -goods and services |
85.8 |
91.7 |
58.0 |
| balance |
+265.3 |
+119.2 |
+169.7 |
Kosovo has projected a budget revenue of 682.8 million euro for 2007, 4.0% higher than in 2006. Spending is projected at 717.5 million euro, 2.0% higher than in 2006. This year's budget deficit is to be financed from the government's cash reserves, which by the end of this year are estimated to reach 75 million euro. Kosovo's budget for a fourth year running relies almost entirely on customs duties revenue and excludes donor funding.
Legally still part of Serbia, Kosovo has been under U.N. administration since 1999 following NATO bombings that expelled Serb forces to end what Western powers said was repression of civilians in fighting an ethnic Albanian rebel insurgency. Ethnic Albanians who outnumber Serbs and other nationalities in the province by nine to one, are seeking independence, while Belgrade says Kosovo is an indivisible part of Serbia. On December 10 a Troika of international envoys representing the United States, the European Union and Russia is due to present a status report to the United Nations.
Kosovo's 2007 budget follows the requirements of the International Monetary Fund and the World Bank, which recommended changes in its structure in favour of capital investments.
($=0.6741 euro)