01 JULY 2013Seenews.com
Montenegrin government revises 2013 budget to cover KAP debt
Edited by : AL CIRCLE
1 min read
The Montenegrin government said it has adopted a bill revising the country’s 2013 budget to cover 61 million euro ($79.5 million) in unpaid power bills of local aluminium smelter the Kombinat Aluminijuma Podgorica (KAP) aluminium smelter to Elektropirvreda Crne Gore (EPCG) electro power producer and retailer.
The budget revision foresees additional government borrowing of 102 million euro for guarantees for KAP, Montenegrin finance minister Radoje Zugic said in a statement following a cabinet session on Thursday. The budget bill is now pending approval in parliament.
KAP’s net loss widened to 16.2 million euro in the first quarter of 2013 from 6.9 million euro a year earlier. Montenegro’s budget deficit narrowed to 71.9 million euro in the first four months of 2013 from 84.7 million euro a year earlier, the finance ministry said earlier.
The Montenegrin government is a 29.3% shareholder in KAP alongside Russia's En+ Group which holds an identical stake.
The budget revision foresees additional government borrowing of 102 million euro for guarantees for KAP, Montenegrin finance minister Radoje Zugic said in a statement following a cabinet session on Thursday. The budget bill is now pending approval in parliament.
KAP’s net loss widened to 16.2 million euro in the first quarter of 2013 from 6.9 million euro a year earlier. Montenegro’s budget deficit narrowed to 71.9 million euro in the first four months of 2013 from 84.7 million euro a year earlier, the finance ministry said earlier.
The Montenegrin government is a 29.3% shareholder in KAP alongside Russia's En+ Group which holds an identical stake.
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