17th March 2021, Skopje – Fiscal transparency is the highest level of fiscal oversight and regardless of the ongoing developments, it requires its continuous enhancing, both as part of building a better public finance system and to the end of accelerated economic growth. At “Morning Briefing” show, Deputy Minister of Finance, Dimitar Kovachevski, pointed out the multiple benefits of the “Fiscal Counter”, Ministry’s new transparency tool, aimed at improved performance as regards the Budget execution, as well as informing the public thereof.
– “Fiscal Counter” is the new transparency tool of the Ministry of Finance producing high-frequency data, presenting the budget revenues and expenditures and the execution of capital expenditures on daily basis, with the government debt presented on monthly basis. The purpose of the tool, published on the Ministry’s website, is to continuously increase Budget openness to the public, all to the end of achieving higher level of fiscal transparency. Fiscal transparency is the highest level of public finance oversight, considering that information creating public opinion are made available, which opinion has a high level of corrective power on the other hand. Creating a better public finance system also comprises, in particular, the existing activities aimed at improving the fiscal transparency, Kovachevski said.
He underlined that this tool shows the collected budget revenues and the expenditure side of the Budget on daily basis, i.e. the accumulated collected revenues and executed expenditures from the beginning of the year up to the specific date of announcement, as well as the performance in relation to the projections. In addition, capital expenditures execution is presented on daily basis.
-As you are already aware, five-year plan of the Ministry of Finance, being prepared for the first time as medium-term framework, also includes a new capital expenditures monitoring and managing mechanism, thus pressuring all institutions towards their better performance, Deputy Minister of Finance said.
Under this new tool, as he pointed out, government debt is also presented on monthly basis, i.e. more frequently than before, when the respective data were being published quarterly.