570 million euros were spent on public investments - Budget review, reallocation of funds for capital expenditures is expected
The Albanian government has disbursed nearly 56 billion ALL or 570 million euros for public investments during the period January-October 2024.
Referring to the official data of the Ministry of Finance, the capital expenditures have a non-realization in relation to the plan of the period at the level of -30 percent or 24 billion lek unspent. While compared to January-October 2023, they result in an increase of 2.4 percent.
If we make a comparison of the budget spent on investments in 10 months, in the last 5 years a continuous fluctuation is observed.
In 2020, capital expenditures for this period are recorded at 57.1 billion ALL, increasing in 2021 to 58.2 billion ALL and from 2022 they have fluctuated in values of 54-56 billion ALL. This 10-month period does not make a difference from the trend followed in recent years regarding the realization of capital expenditures.
The reason for the disbursement of reduced funds is often the procurement procedures followed by the institutions which take a considerable amount of time as well as the difficult terrains where the projects are being carried out.
With the normative act approved in August, the government increased funding for capital expenditures to 150 billion ALL, from 135 billion ALL that was in the normative act of February, with an 11% jump. In relation to the total annual figure of capital expenditures, so far the realization is at the level of 37%.
Now, it has become a practice for the government to review the budget again at the end of the year to make the necessary reallocations, taking funds from underperforming projects to move them to better performing projects in order to complete as soon as possible.
The Minister of Finance, Petrit Malaj, announced that soon there will be another normative act for the review of the 2024 budget, where the spring bonus will be allocated to retirees, and there may be revisions again in the capital investment item.
Most of the capital expenditure budget for 2024 goes to the financing of ongoing projects such as: the Great Ring of Tirana, the Construction of the Llogara Tunnel, the Arbri Road, the Orikum-Dukat Segment, or the projects started in the water supply and sewerage infrastructure and urban development projects implemented by the Albanian Development Fund. Also, the financing for the reconstruction project continues, in which funds were added again with the last normative act.
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