Government Approves Second Budget Revision Of 2018

“We started with five major commitments which we will see through entirely. We will implement the measures in the governing program, measures to stimulate the economy and social measures. We are within the target for budget deficit of below 3% of the GDP, target that was met, we will not grow the ratio of government debt to the GDP, another target that was met,” said the Romanian Finance Minister.

According to the minister, investment spending will be 40% bigger this year when compared to 2017, while the ratio of government debt to GDB will be of 35%, the fourth lowest in the EU.

The draft budget revision announced on Thursday saw several ministries receiving major cuts.

It contained expenditure cuts for transport (-RON1.16 billion), research (-RON228.9 million), education (-RON198 million), culture(-RON176.8 million), communications and IT (-RON166 million), EU affairs (-RON164.9 million) and public finance (-RON128.5 million).

On the other hand, the finance ministry gets an extra RON2.69 billion of which RON1 billion for interest payments, RON671.6 million for the country's contribution to the EU budget, and RON700 million for the government's reserve fund.

The labor ministry would get an extra RON787 million mainly for child state allowances and persons with disabilities; the health ministry would get an extra RON211.5 million for salaries. The state health insurance budget would also get an extra RON600 million for expenditures.

The first budget amendment, announced in August, was later passed in September without receiving a positive review from the country’s Supreme Defense Council, following a scandal regarding cuts for secret services and national security institutions.

If you liked this story, please follow MEDIAFAX.RO on FACEBOOK »

The content of mediafax.ro is for your information only. Republishing or using this content is forbidden without express consent of MEDIAFAX. For this consent, please ask for it by mail at vanzari@mediafax.ro.