CRO STATE BUDGET'S DEFICIT IN FIRST FIVE MONTHS OF 1999 - US400 MILLION

ZAGREB, July 19 (Hina) - The Croatian state budget's deficit in the first five months of 1999 totalled US$400 million, while the current deficit reached US$98 million, the Ministry of Finances reported on Monday. The budgetary deficit in May reached US$140 million, and the current deficit US$47.3 million. Budgetary revenues in the first five months of 1999 totalled US$2 billion, 19 percent less than in the same period the year before, while the total budgetary expenditure reached US$2.4 billion, 3.6 percent more than in the first five months in 1998. The state budget's entire deficit in the January-May 1999 period was financed by calling in loans from official creditors, such as the International and European Banks for Reconstruction and Development, EURO bonds, and domestic borrowing. According to data of the Finance Ministry, 30.6 percent of budgetary revenues and 36.6 percent of expenditures planned for this year were realised in the first five months of this year. The US$400 million of budgetary revenues realised this May is 32.9 percent lower than in May 1998, and is the result of a 16.2 percent drop in tax revenues, currently US$400 million, a 34.4 percent drop in tax-free revenues, currently US$19.9 million, and low capital revenues. The Finance Ministry points out however that the majority of capital revenues will be realised in this year's trimester. Budgetary expenditures this May amounted to US$563 million, 4.6 percent more than in May 1998 and 16.5 percent more than in May 1999. In the first five months of 1999, transfers to the Croatian Pension Insurance Bureau amounted to US$404 million, 61.9 percent of what has been planned. Transfers to the Croatian Health Insurance Bureau in the same period reached US$92.9 million, which is 43.6 percent of what has been planned. (hina) ha