What do citizens and businesses benefit from the revised budget?

A review of the 2020 budget has mobilised over 600m euros to cover the lack of tax revenues and 385m euros for full implementation of the Emergency and Pack fiscal package for economic recovery.

These tools are split to ease the economic and social problems that have been caused by the measures the Kosovo government has taken to prevent the spread of the coronary.

The 2020 budget revision bill has been adopted in the first reading of the Kosovo Assembly on 13 July and has been prosecuted on parliamentary commissions so that the same could be brought to the Assembly for the final vote.

Mimoza Kusari-Lila, a member of the Commission for Budget and Transfers, told Radio Free Europe that the budget review bill has two weeks between two readings began with the functional Commission that is the Commission for the Budget and Transfer, and is then forwarded to the commissions that are in regular procedure such as it is for legislation.

I believe that soon this bill with amendments and edeputations will come to the Commission”, Kusari said Lila.

Finance Minister Hykmete Bajrami, in a proposal for Radio Free Europe, said that at the moment the revised budget is approved, it will also be initiated with the sharing of resources for businesses and citizens, as promised.

From the Emergency Fiscal Package, worth about 180m euros, Bajrami adds so far, some 80m euros have been distributed.

Meanwhile, after adopting the revised budget, says Minister Bajrami, within three days more than 100m euros will be allocated to citizens and businesses.

“We have a 385m-euro fund from which all obligations derived from the emergency fiscal package will be carried out all payments for all citizen and business apps that have been accepted by the relevant” commissions.

“Then there are economic recovery measures that include certain types of massic measures are free access to finance, double subsidies, subsidisation of interest, capitalisation of funds for credit guarantees and other measures that would cover the minister or specific sector”, Bajrami said.

Business representatives have repeatedly called on Kosovo authorities to help the economic recovery as any delay will bring greater problems to businesses and risk their bankruptcy.

Millions of euros for citizens and businesses ahead of the emergency fiscal package

In the Kosovo Tax Administration (ATK) over 200 thousand workers of various private companies in Kosovo have submitted demands for pay compensation, meanwhile for compensation and sub-veanment of the rent have submitted demand to over 150,000 businesses.

Salaries of workers worth 170 euros a month that have been distributed to workers for only a month, with budget approval being allocated for another month. The remaining monthly assistance payment of 130 euros will also be made for citizens who lost their jobs.

For small and medium-sized enterprises immediately after the budget revision will become the lease's subvention of up to 50 percent of the rent value.

A total of 2m euros, according to the potential fiscal Pack, will be supported by initiatives and projects aimed at improving the lives of no majority communities in the Republic of Kosovo, which have been hit by the emergency public health situation.

A total of fivem euros, according to the Emergency Fiscal Pack, will increase the budget for grants and subsidies for the agriculture ministry for growth of agricultural production.

In the amount of up to ten thousand euros for the period of 2 years, according to the fiscal emergency package worth up to 15m euros, micro-enters and self-employees will be supported through specific programmes of the Kosovar Fund for Credit Guarantee.

Up to 10m euros will be supported by exporters.

The emergency fiscal package envisions other measures that support citizens and businesses.

Economic losses from COVID-19 are still unknown

To ease the economic damage caused by the pandemic of COVID-19 Kosovo Economic Oda (OEK), in a research done has estimated that Kosovo would need up to 600m euros.

OEK chairman Berat Rukiqi had said that the figure of up to 600m euros would help businesses get out of the economic crisis that has been introduced.

“This figure can be a proper contribution and that can affect rapid economic recovery”, Rukiqi has said.

Kosovo has not yet made an estimate of how much economic losses may have caused the country as a consequence of pandemic.

Minister Hykmete Bajrami says that according to forecasts Kosovo's economy will have an economic contraction in 2020 minus three per cent, but that an exclusive calculator, according to her, could take place at the end of the year.

“should be careful because if the I recommendations are not respected Whether the closure of other sectors comes or the movement of citizens will be greater economic losses and this is the worry of all of us”, Bajrami says.

By contrast, Kosovo's economy could mark economic decline, according to forecasts by international mechanisms.