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The meeting between the Finance Committee and the delegation of the IMF focused on Estonia’s fiscal policy and taxation system. Other broader topics for discussion included developments in Estonia’s finance sector, and the economic situation. The Chairman of the Finance Committee Sven Sester gave an overview of the current budgetary and taxation policy, including problems and planned changes. 

“The delegation of the IMF commended our strict, consistent budgetary policy, low tax burden and direction towards reducing labour taxes. After all, legal acts have provided a lowering of the income tax to 20 % in 2015,” Sester said. 

“As concerns budgetary balance, we have always followed the principle that we can only use the resources that we have in our budget. The said requirement was set out in the recently adopted new basic State Budget Act,” Sester said. 

The meeting was attended by members of the Finance Committee Peeter Laurson, Eiki Nestor, Aivar Sõerd and Rannar Vassiljev

The delegation of the IMF will remain in Estonia until 12 March to review Estonia’s economy and finance sector. During the visit of one and a half weeks, the representative of the IMF met with members of the Government and of the Riigikogu, leaders and analysts of the Bank of Estonia and the Financial Supervision Authority, but also with leaders of commercial banks and private companies, economic analysts and numerous professionals. 

After IMF consultations, its economic policy assessments will be compiled in a report. The head of the IMF delegation Thomas Dorsey will summarise the visit on Wednesday, 12 March at a press conference in the bank of Estonia. 

Photos of the meeting:

The Riigikogu Press Service