Introduction sectionReport on the Economy and Public Finance - REF
Report on the Economy and Public Finance - REF
The Report on the Economy and Public Finance, envisaged by Law No. 196 of 31 December 2009 (Art.7, and Art. 12)(PDF, 186 KB), analyses the performance of the economy, the profit and loss account and the cash account of general government bodies in the previous twelve months, and highlights departures from the targets set in the Public Finance Decision; the update of macroeconomic forecasts for the profit and loss account of general government bodies and the relevant subsectors, as well as the cash balance of general government bodies for the period considered in the Public Finance Decision. In case of departure from targets, it sets out the corrective measures the Government is going to adopt and reports the cash balance of the public sector and how to cover it. Its special sections provide detailed information on: end-of-year balances and accounting forecasts for major expenditure sectors, especially public-employees, social security, health care, general government debt and relevant average cost; data relating to the public sector by economic classification, highlighting the main types of expenditure.
The Report on the Economy and Public Finance is submitted to Parliament by the Ministry of the Economy and Finance by April 15 each year (Law No. 196 of 31 December 2009 , art. 7, paragraphs 2 and 3(PDF, 186 KB)). The Report on the Economy and Public Finance should have been submitted for the first time in April 2011, but the document was repealed by Law No. 39 of April 2011, and its content has now become part of Section II of the Economic and Financial Document - DEF.