D. Performance reports and treatment of surpluses

D. Performance reports and treatment of surpluses ... 36 40 15

A balanced budget or better is expected for 2004 2005. The federal debt has declined by over 61 billion over the last eight years.

trade

Surplus balance

obligations FUND BALANCE

The news from Greece these days has been dominated by the announcement that the government achieved a primary budget surplus (the fiscal balance minus debt service) in 2013.

According to the International Monetary Fund, the budget deficit is declining, and the primary surplus (net revenues minus interest payments) is growing.

The Agency ended the year 2004 with a deficit of 8.7 million on the original budget, but the difference between the actual cash income of 322.3 million and the actual cash expenditure of 308.3 million resulted in a surplus of 14 million in the cash portion of the regular budget.

He also commended the Secretariat for the significant increase in the reserve level and the resulting operational budget surplus.

Net surplus balance

Decrease in fund balances

Russia is also thought to no longer need help because its economy and public finances are much improved, thanks to rising oil prices and a GDP growing at 6.5 per annum.

Indeed, Russia is running fiscal and current account surpluses of 2 and 17 of GDP respectively.

7. Projected operating deficit (1 2 3 5 6)

X. Surplus balance . 42

In that case, Germany s surplus means that the rest of Europe is in deficit.

(b) Surplus deficit position of the fund

Adjustments to the opening balance 0.1

(i) Surpluses or deficits

These policies require Greece to maintain a very high primary budget surplus more than 4 of GDP for many years to come.

He commended UNRWA for ending the year 2004 with a budget surplus, but expressed concern that the current year might close with a deficit.

Project ledger account balances

1. Surplus balance held in a suspense account

(defi cit) for perio d

cit) for perio a adjus

Surplus (deficit ) for period

SURPLUS (DEFICIT)

So bringing the savings rate down is necessary if domestic and external balances are to be achieved.

Instead of the recurring budget deficits of the previous decade, a budget surplus of 1.7 per cent of the gross domestic product (GDP) had been achieved in 2005.

Indeed, if foreign owned enterprises exports are deducted from the total trade volume, the surplus vanishes, because both the overall balance of merchandise trade and the balance of trade in services normally run deficits.

Net migration has been negative in all of these years.

The foreign trade surplus was US 549 million.

tment Fund balance Project

1 Januar y 1992 Contribution In cash In kind

Opening balance 1 Janua ry 1992

Opening balance 1 January In kin

ent Fund balance 31 December 1993

Cash on payme payab unliqui

If things go wrong, there are remedies a big budget surplus is an invitation to big tax cuts, which in America do work, and fast.

There is a general view that financial and corporate restructuring has been largely completed in South East Asia, while budget deficits have narrowed or, as in Thailand, the budget has remained in surplus.

But the flip side of the trade surplus is the capital outflow.

6. Projected operating deficit

4. Surplus proposed for credit to Member States

Similar situations result in large debit balances.