DUSHANBE, June 3, 2009, Asia-Plus  -- The Ministry of Finance (MoF) is currently working on creating a system of regular monitoring and reporting on the process of implementation of the national budget for 2009 in the section of compulsory expenditures, expenses on social sectors, subventions to poor regions as well as creation of the virtual foundation, according to the MoF press service.

The system of quarterly reporting on implementation of revenue and expenditure parts of the budget is being developed with support of international consultants.

According to Finance Minister Safarali Najmiddinov, the virtual foundation is a mechanism of formation of a system of regular monitoring of items of the compulsory expenditures and expenses on social sectors in order to ensure full implementation of them regardless of implementation of the revenue part of the budget during the whole year.

In a report revealed at conference entitled “Implementation of the National Budget for the 1st Quarter of 2009 and Creation of the Virtual Foundation” in Dushanbe, Najmiddinov revealed on May 29 that odds are that economic situation will have deteriorated by the end of summer or the beginning of autumn following decrease in tax receipts and the budget will face more serious problems, the press service said.  The minister noted that this year, revenue reductions were expected to amount to some 20-25 percent of the approved indices for the beginning of the year.