OREANDA-NEWS. August 04, 2011. It is stipulated by the Medium-Term Expenditure Forecast for 2012-2014 approved by the inter-ministerial committee for strategic planning, it was informed at the Finance Ministry. Under the document, inflation will be reducing from 6.9 percent in 2012 to 5% in 2014, the national currency’s exchange rate will amount to 11.93-12 leis for a dollar.

The document stipulates the annual growth of export by 12%, growth of import – by 10-11% in 2012-2014. It is planned that the average monthly salary in 2012-2014 as whole in the economy will grow about 1.3 times to reach 4,400 leis in 2014, and the labor remuneration fund will increase more than 1.4 times and will total 32.8 bln leis (29.6 percent against GDP against 28.9 in 2010). In the fiscal sector, the forecast suggests a number of reforms aiming to promote investment and to reduce economic distortions, ensuring at the same time addition budget receipts.

The reforms stipulate transition from the tax preferences and exemptions systems to the competitive, simple, transparent and fair fiscal order. The Medium-Term Expenditure Forecast reflects the authorities’ commitment to continue structural reforms and fiscal correction measures to cut the budget deficit as share in the GDP – from 1.9 percent in 2011 to 0.7 percent in 2014. Expenses as a share in the GDO are planned to reduce from 33.7 percent in 2011 to 31.6 percent in 2014. Capital investments will constantly grow in line with the increasing opportunities of investment projects implementation.

The social assistance programs are stipulated to be better prepared and aimed at supporting the most vulnerable categories of citizens. The Medium-Term Expenditure Forecast for 2012-2014 contains estimations of the macroeconomic forecast, determines the basis of policies in the fiscal sphere and state resources for a medium term. It will be a basis for suggestions regarding alteration of the legislation and elaboration of the draft state budget, state social insurance budget and budgets of political subdivisions.