Finance Minister Announces 15-20% Spending Cuts

Small and medium size production will be focal point in 2014 budget

The Finance Minister has said the state investment reached 27% of the 2014 budget compared to 19% in the previous year.

 

Delivering a statement before the People's Assembly, Ismael Ismael said the government will encourage small and medium production in safe areas in the 2014 budget.

 

"Despite the difficult circumstances which Syria is going through, revenues are still good thanks to diversity of the national economy resources and cut spending by 15-20%," the minister said.

 

He noted that the Syrian Pound will surge against the Dollar if the current political and security circumstances have not changed.

 

On the other hand, Ismael said the 2014 State budget is based on what is necessary and not on available capabilities, noting that the International Cooperation and Planning Commission is concerned with drawing up the state investment plan.

 

The State budget bill for the fiscal year 2014 is estimated at 1390 billion Syrian Pounds.

 

Translated and edited by The Syrian Observer
 

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