Greek Deputy FinMin Sends MoU to Pertinent Ministers Regarding 2017 Budget

Deputy Finance Minister Giorgos Chouliarakis sent to all pertinent ministries clear guidelines for the smooth implementation of the 2017 budget and a four-page MoU.

In the Memorandum of Understanding which all ministers are asked to sign, Chouliarakis asks for “loyalty” and “sound financial management,” a Euro2day report says.

The ministers are invited to agree and sign that they will:

1. Take corrective actions in case of apparent deviation from fiscal targets.

2. Ensure operation systems, procedures and mechanisms for monitoring and implementing the budget in order to ensure sound financial management.

3. Not assume any financial obligations if they do not ensure that the necessary funds are available for their payment.

4. Sign respective memoranda with organizations under their authority and take necessary measures to ensure revenues.

5. Take all necessary measures where possible for realistic assessment, forecasting and monitoring of revenue and expenditure of supervised general government bodies.

The smooth implementation of the 2017 budget is a major challenge for the economic team which is committed to reaching a primary surplus of 1.75% of GDP.

For 2017, Chouliarakis is promoting the development of a “spending report” with a detailed inventory of all departmental expenditure, whereas through this process the ministries will identify any margins for savings.