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Romanian Fin Min says 2011 Budget To Provide More For Investments, Cut Social Spending

Romania can’t draft a budget with just wage payment and social spending in mind and the budget philosophy for 2011 is to earmark as many funds as possible for investments and co-financing, Finance Minister Gheorghe Ialomitianu said Thursday.
Romanian Fin Min says 2011 Budget To Provide More For Investments, Cut Social Spending
Oana Gavrila
02 dec. 2010, 11:25, English

„The budget philosophy for 2011 is this: as much money as possible for investments and co-financing. Romania can’t draft a budget just for the payment of salaries and social aid,” the minister said on the sidelines of a seminar organized by the European Commission’s Romanian office and the Romanian Center for European Policies.

The minister said social spending is at 69 billion lei (EUR1=RON4.2842) from a total RON200 billion in budget expenses.

„The Romanian Government has made a clear decision to rationalize social spending. The labor minister is in charge of reducing social spending, which is currently a big part of the general consolidated budget,” said Ialomitianu.