Albanian parliament cuts 2013 budget

Albania's Parliament on Thursday approved to cut the country's 2013 budget by 38.8 billion leks (about 380 million U.S. dollars). According to Finance Minister Shkelqim Cani, government spending would be cut to 321 billion leks, or 23.8 percent of the country's gross domestic product (GDP), in 2013, while the budget deficit would jump to 6.2 percent of GDP. According the minister, pre-election spending, poor revenue collection and fiscal scams have all impacted the 2013 budget and the economy. He said the total revenue for the 2013 budget were expected to be less than that of three years ago. "We have tried to present a realistic scenario of the budget, aiming to successfully close 2013 without creating new problems and obligations," Cani told Albanian lawmakers.