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Romanian Parliament Okays 2008 State, Social Insurance Budgets

The Romanian Parliament has approved Thursday the state and social insurance budgets, with the majority of the funds going to education, health, agriculture and infrastructure, Prime Minister Calin Popescu Tariceanu said Thursday.
Romanian Parliament Okays 2008 State, Social Insurance Budgets
20 dec. 2007, 12:50, English
Prime Minister Calin Popescu Tariceanu said that the budget represents a source of  “stability for the private sector."
 
“A stable and transparent business environment is a magnet for investors,” Tariceanu said.
 
The minister added next year’s budget law envisages major financing in education, health, agriculture and infrastructure.
 
“In 2008, Romania’s economic growth will be 88% higher against 2004”, Tariceanu said.
 
The finance ministry, which plans to spend the bulk of its 2007 budget in the last two months of the year, has recently lowered the 2007 budget deficit limit target to 2.4% of GDP from 2.7%.
 
The European Union has warned newcomer Romania that it may face disciplinary action as its 2007 deficit is likely to exceed the E.U. limit of 3% of GDP.
According to E.U. accounting methods, Romania’s budget deficit will total 3.2% of GDP this year.
In 2006, Romania’s budget deficit, according to the European System of Accounts, stood at 1.9% of GDP, compared with the 1.7% of GDP calculated by the Romanian authorities.