Changes in Public Finance Management: Greater Control and Crisis Flexibility.
The act introduces new, more detailed rules for financial planning and management by various state institutions, such as agencies and funds, aiming to increase transparency and control over public spending. It also strengthens principles of responsible state money management, while giving the government greater flexibility to respond to severe economic slowdowns. Additionally, new provisions for the return of unused funds from the COVID-19 Counteracting Fund aim to ensure better accountability for public money.
Key points
Increased control over public spending: State institutions will need to plan their budgets more precisely, and changes will require approval from relevant ministers, meaning better oversight of how taxpayers' money is spent.
Flexibility in difficult times: In the event of a significant economic slowdown, the state will be able to adjust its spending more easily to support the economy, which may help mitigate the effects of crises for citizens.
Accountability for COVID-19 Fund: Clear rules have been introduced for the return of money from the COVID-19 Counteracting Fund that was unused or unduly received, increasing accountability for public funds.
New economic indicators in the budget: New economic indicators, such as inflation and economic growth, will be considered when calculating budget expenditure limits, aiming to better align the budget with the actual situation in the country.
54%
VOTING RESULTS
2024-06-28
For
238
Against
199
Abstain
0
Status:
Enacted
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