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Romania To Rein In Yearend Spending Frenzy-PM

Romania's government plans to take tight measures to rein in massive budget spending in the last two months of the year to keep the country's budget deficit in check.
Romania To Rein In Yearend Spending Frenzy-PM
23 ian. 2008, 19:14, English

 “The Finance Minister and I talked about the need to keep a tight leash on the budget deficit. I urged ministries to draw better spending plans to avoid major budget expenditure in the last two-three months of the year,” said Tariceanu.

Romania‘s consolidated state budget posted a deficit of 2.4% of gross domestic product in 2007, after running surpluses in the first ten months of the year, Vosganian said mid-January.

“Had local administrations lowered their December expenses, today’s deficit might have been 1.4% of the gross domestic product,” said the minister.

Vosganian said that budget spending tripled in December compared to the other months due to a lack of rules to regulate local budget expenditures.

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