Ekonomski i fiskalni program za Crnu Goru 2007 - Vlada Crne Gore

­EKONOMSKI I FISKALNI PROGRAM ZA CRNU GORU 2007–2010Table 4: General government debt developmentsPercentages of GDP ESA code Year X-1 Year X Year X +1 Year X +2 Year X +31. Gross debt 61 35.0 30.6 37.1 34.1 30.92. Change in gross debt ratio -7.7 -4.4 6.5 -3.0 -3.2Contributions to change in gross debt3. Primary balance 62 4.6 4 1.5 1.7 1.84. Interest expenditure (incl. FISIM) 63 1 1 0.8 0.8 0.75. Stock-flow adjustmentof which:– Differences between cash and accruals 64an increase of restitution to 10% of GDP in 2008– Net accumulation of financial assetsof which:– Privatisation proceeds 3 2.7 2.6 2.4 2– Valuation effects and other 65 - - - - -p.m. implicit interest rate on debt 66 - - - - -Other relevant variables6. Liquid financial assets 67 3.9 9.5 9.1 11.6 12.77. Net financial debt (7 = 1–6) 31.1 26.4 28.0 22.6 18.261 As defined in Regulation 3605/93 (not an ESA concept).62 Cf. item 10 in Table 2.63 Cf. item 9 in Table 2.64 The differences concerning interest expenditure, other expenditure and revenue could be distinguished when relevant.65 Liquid assets, assets on third countries, government controlled enterprises and the difference between quoted and non-quoted assets could bedistinguished when relevant.66 Changes du to exchange rage movement, and operation in secondary market could be distinguished when relevant.67 Proxied by interest expenditure (incl. FISIM recorded as consumption) divided by the debt level of the previous year.124