Investor Presentaiton

FISCAL RULE REFORM UPGRADED FISCAL RULES SUPPORT DEBT SUSTAINABILITY AND FISCAL SPACE ACTIVE FISCAL POLICY PRIORITIES 15 Enhanced flexibility for reacting to shocks FISCAL RULE WHO State budget deficit should not be greater than capital expenditures Growth rate of current primary expenditures is capped by average nominal GDP growth of previous 7 years ■The Government should introduce debt reduction program in Medium Term Expenditures Framework A 02 Boosting capital expenditures and long term growth Built-in stabilizer of the economic cycle 03 '04 Enhanced government accountability ≥40% ≥50% Debt Burden ≥60% Growth rate of current primary expenditures is capped by average nominal GDP growth of previous 7 years reduced by 0.5% Current expenditures are capped by volume of taxes ■ The Government should submit debt reduction program to the Parliament Due to the extraordinary circumstances linked to the global pandemic, the Fiscal Rule has not been applied in 2020 and 2021. The Government remains committed to reducing the Government Debt-to-GDP ratio from 2021 and bringing this ratio below the respective target in the medium-term in line with the fiscal rule

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