Evaluation of the General Government Budget Proposal

Main conclusions from the evaluation of the GGB proposal for 2021-2023:

Main conclusions from the evaluation of the GGB proposal for 2021-2023:

The Council for Budget Responsibility (CBR) has updated its evaluation of the general government budget for 2020-2022 in response to the State Budget Act approved by the parliament.

In April 2016, the newly formed government decided to postpone the meeting of the medium-term objective from 2017 to 2019, failing thus to take advantage of positive effects, including a favourable economic development, to accelerate consolidation efforts and bring the gross debt below the sanction thresholds; the CBR views this as negative, in particular with respect to the purposes of the constitutional Fiscal Responsibility Act.

The Council for Budget Responsibility (CBR) views as positive that the government has declared its intention to achieve the medium-term objective by 2017. It is an important milestone which, together with lowering gross debt below the sanction thresholds, could significantly improve the position of Slovakia in the face of the risks emanating from potential crises and the negative impacts of demographic development.

In its evaluation of the 2015-2017 budget proposal submitted by the government, the Council for Budget Responsibility (CBR) indicated that it would update it in the light of the changes introduced in the budget by the parliament.

The Fiscal Responsibility Act places on the Council for Budget Responsibility a duty to monitor and evaluate the development of public finances.