Posts tagged as budget

Estonia needs to restore budget buffers

Tuesday, May 18, 2021

According to the International Monetary Fund (IMF), Estonia should support the economy while exiting the crisis, after which the country needs a concrete plan to gradually restore budget buffers. According to both the IMF and the Bank of Estonia, Estonia has been generally successful in navigating the coronavirus pandemic, although the second wave put a significant halt to the economy’s recovery. The state should support the economy’s recovery from the…

Supplementary budget bill passes first Riigikogu reading

Thursday, March 25, 2021

On Wednesday evening, the Riigikogu finished the first reading of the €641 million supplementary budget drafted by the government to help mitigate the impacts of the coronavirus crisis. The lion’s share of the supplementary budget, that is 87 percent, is support for the private sector and other government sector agencies. It includes remuneration support, investment support for local governments as well as other forms of support for the public and…

Estonian Finance minister: Supplementary budget will total €641 million

Tuesday, March 16, 2021

An additional budget of €641.4 million was agreed on by the Cabinet on Tuesday and the government will hand it to the Riigikogu on Thursday, Minister of Finance Keit Pentus-Rosimannus (Reform) said. The minister of finance said on social media that the government will not increase the €8 billion loan limit approved in December last year with the supplementary budget. All the details of the bill will be made public…

Government to send supplementary budget to Riigikogu on Thursday

Monday, March 15, 2021

The government hopes to submit the completed supplementary budget to the Riigikogu on Thursday. It will be worth at least €600 million and mainly financed by loan money. Minister of Finance Keit-Pentus Rosimannus (Reform) told ERR the cabinet will discuss the details of the budget on Tuesday and will hopefully approve it on Thursday. The minister said that the volume of the budget is €600 million, and could potentially even…

Estonian Finance minister: Capacity of supplementary budget is up to €700 million

Thursday, March 11, 2021

The government hopes to finish drawing up a supplementary budget bill in the coming weeks and take it to the Riigikogu. While the exact capacity of the extra budget is still not decided, it is likely to land somewhere between €500-700 billion, Minister of Finance Keit Pentus-Rosimannus said. Pentus-Rosimannus said the suuplementary budget’s main goal is supporting the healthcare system, maintaining jobs and slowing down losses of income. “We are…

Teachers’ union calls for €1,800 average salary in Estonia

Friday, March 5, 2021

The Estonian Educational Personnel Union (Haridustöötajate liit) has proposed raising teachers’ average salary to €1,874 a month. Budget discussions are due to take place this month. The union has said the minimum wage for teachers should rise to the average salary in Estonia next year and should be at least €1,562. The union said in its proposal to the government that teachers’ workloads have increased significantly due to the coronavirus.…

Coalition continues predecessor’s coronavirus supplementary Estonian budget

Friday, March 5, 2021

The Center/Reform coalition is to extend last year’s supplementary budget drawn up by its predecessor in response to the coronavirus pandemic. The extension includes a continuation of loans from the KredEx foundation, a state-run credit agency which granted a controversial loan to a real estate project at the center of the collapse of the last coalition in January. While Center was in the previous coalition with Isamaa and the Conservative…

Tallinn participatory budget winning projects announced

Friday, February 5, 2021

A Japanese mini-forest, drinking water standpipes along a health trail and pedestrian underpasses were among the winners chosen from the recent inaugural participatory budget issued by the City of Tallinn and covering all eight districts of the capital. 2021 saw the debut participatory budget for the capital, though a similar process has been going on in Estonia’s second city, Tartu, for some years. In short, the process enables ordinary residents…

Baltic States are the poorest in EU

By Kasparas Jankauskas on Wednesday, January 6, 2021

The Baltic States remain among the poorest regions in the EU. Despite the measures implemented by the leadership of Lithuania, Latvia, Estonia, the level of the minimum wage in these countries is one of the lowest in Europe. The question of setting a minimum wage is one of the most analyzed and debated topics in economics. Over recent years and in the context of the economic and social crisis engendered…

Lithuanian president signs 2021 budget bill into law

Tuesday, December 29, 2020

On Tuesday, Lithuanian President Gitanas Nausėda signed the 2021 budget bill into law. “For four years before the pandemic, Lithuania had surplus public finances. The strong pre-crisis position now allows the country to help its health system, people and businesses withstand the challenges of the pandemic,” the president said in a press release. “However, next year’s budget deficit of 7 percent of GDP must be a short-term phenomenon: temporary relief…