Croatian 2025 Budget Plan Approved by European Commission

November the 29th, 2024 – The Croatian 2025 budget plan has been given the green light by the European Commission (EC). Of 20 Eurozone countries, 17 have so far submitted their budget plans for next year.

As Poslovni Dnevnik writes, the European Commission (EC) responded with a positive evaluation and a green light for the Croatian National Medium-Term Fiscal-Structural Plan for the period 2025-2028, as well as for the Croatian 2024 budget in its draft form.

At the EC’s latest session in the current mandate, held on Tuesday in Strasbourg, the EC announced its assessments of the medium-term fiscal and structural plans of Eurozone countries as part of the autumn package of the European semester.

According to the rules of the new, revised EU Economic Management Framework, which entered into force on April the 30th this year, Eurozone Member States are required to submit to their draft budget plans for the next year to the EC, as well as their medium-term fiscal and structural plans.

Of the 20 Eurozone Member States, 17 have so far submitted their draft budget plans for the next year to the EC. Three of these countries (Austria, Belgium and Spain) haven’t yet sent their budget plans for next year to their parliaments owing to internal political reasons.

The EC assessed that eight Eurozone nations; Croatia, Greece, Cyprus, Latvia, Slovenia, Slovakia, Italy and France, have budget plans that are in accordance with the recommendations within the new fiscal framework of the EU.

Back in June this year, Croatia received the so-called “technical Information” which defines its fiscal target for 2028 in terms of the primary structural balance (-0.4 percent of GDP). That ensures that even a decade after the end of the plan period, the budget deficit and public debt remains credibly below the established reference values.

The plan covers a period of four years, with a possible extension for a further three. It includes a presentation of the macro-fiscal framework with an emphasis placed on fiscal adjustment and targets, and the appropriate policies that need to be implemented to achieve them.

 

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