Fiscal Discipline Council has approved the macroeconomic forecast for 2018 to 2021 prepared by Ministry of Finance, which will be further used by the government in consultations with the European Commission during the budget preparation for the next year. The Council sees the macroeconomic forecast as realistic, however, there are concerns regarding the potential growth of economy, which could turn out to be lower than currently forecasted by the MoF. In this case, economic growth could slow down and there will be less available financial resources to cover expenditure.
Fiscal discipline council as one of its tasks has also stated public education and knowledge-sharing, which is an essential element of good governance. In Latvia it is now already became as a tradition the so-called "Shadows day". It is a good opportunity to address the audience of secondary school pupils, allowing them to take part in the daily work and get to know professionals who work at the Council. This year Council secretariat has also two "shadows" – Dārta Plato and Edvards Kalniņš.
Fiscal council 9 February meeting issues 9 February 2018
Council meeting was held on 9 February 2018 in which the leading macroeconomic experts of the Ministry of Finance participated. At the meeting were discussed the most recent Latvia's macroeconomic forecasts, which will be the basis for the Latvia's Stability Programme 2018-2021.
Non-conformity report regarding the maximum expenditure ceilings 5 February 2018
Also this year, the Cabinet of Ministers continues its action, which was initiated last year, in which the decisions taken by the Government intend to spend saved resources on those budget programs that are especially protected. Article 5 of the Fiscal Discipline Law establishes state budget programs in which savings mean a reduction in the maximum budget expenditures, rather than the possibility of reallocating financial resources to other Government needs.
On 2 February 2018 Fiscal discipline council GDP working group meeting was held with participation of the Bank of Latvia experts. The GDP working group discussed the topicalities of macroeconomic development in Latvia, paying particular attention to the issue of the potential GDP growth in Latvia in the coming years.