Isarescu: There is need of debate on budget expenditure structure

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The budget expenditure structure and the investment policy both need to make the subject of a serious debate, especially with the single growth in the budget in the latest 6 months having been represented by the budget expenditure, the BNR governor Mugur Isarescu said on Thursday, on the occasion of the presentation of the quarterly report on inflation.

The budget expenditure structure requires a serious debate for the single growth in the budget was given in the latest six months by the budget expenses, which leaves the government only with a small margin for investments,’ Isarescu said.

In the first quarter of 2009, expenditures accounted for 91.7 billion lei in the general consolidated budget, that is a growth by 5.6 percent on the same interval a year before. Nevertheless, the values remained within the approved limits, according to data released by the Ministry of Public Finance.

With regards to the spending on investment, including here capital expenditures, as well as other transfers for investments, they stood at 13 billion lei in the first six months, representing 34.3 percent of the annual estimates (37.9 billion euros), 2.4 percent of the GDP respectively.

The general consolidated budget execution corresponding to the first quarter of the year recorded a deficit estimated at 14.38 billion lei, representing 2.7 percent of the Gross Domestic Product (GDP), against a deficit of 14.5 billion lei, which was established as being objective within the stand-by arrangement with the IMF.

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