2004 national budget

There was much debate and not a little bad feeling, but in the end Parliament, after a three-day marathon debate, approved the 2004 state draft budget on April 7, with a vote of 65-31 and one abstention. It was a more realistic budget to the one originally set for 2003, probably due to the government’s failure to even come close to achieving the previous year’s budget targets. Nevertheless, despite the new budget’s “more realistic” terms, many remain skeptical of the government’s ability to meet its targets. The overall budget deficit is forecast to drop to 32.5% of expenditures in 2004. This compares well to the 42.3% of 2002, and could be achieved given that the deficit during the first eight months of 2003 peaked at 38.0%. It also remains more realistic than the 26% target originally set for the year 2003. As such, the total deficit is expected to level