Government talks on Wednesday about budget rectification draft

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The Government discussed on Wednesday, Aug 26, the budget bill on the budget rectification which is to be adopted on Sunday.
The Labour Ministry, the Ministry of Justice and that of Education will benefit from additional resources for the payment of the salary rights and the operation of the institutions answerable to it, said, at Victoria Palace, at the end of the Government meeting, PM Emil Boc.

He mentioned that the ceiling of governmental guarantees will increase in 2009 by 200 million euros, and from 2010 it will reach 8.6 billion lei, from 7.7 billion lei this year, with the money having to be used mainly for the increase in the capacity of absorption of the community funds.

Also, the budget allocations for public investment will be raised by 500 million lei, for the local infrastructure and for the works at schools, the resources for the indexing of pensions by two percent from Oct 1 and for the increase in the social pension from 300 to 350 lei, with the unemployment budget to be raised by 864 million lei, and the pension budget by 500 million lei.

‘We will transfer to the local authorities 120 million lei for the town halls that have problems with the payment of utility bills, because they did not have receipts to the budget because of the crisis,’ said the head of the Executive, who added that the local budgets will receive 110 million more for the payment of invoices to electric sub-stations.

The revenues of the state budget for 2009 will be diminished by 7.09 billion lei and the diminution in the work productivity in the economy.
The revenues of the state budget for 2009 will be diminished by 7.09 billion lei, and the expenses will increase by five billion lei, with the state deficit being raised by over 12 billon lei, according to the bill for the budget rectification sent to the employers’ associations and the trade unions.

According to the initial budget projection, the receipt from the VAT will be cut by 4.237 billion lei, with the estimate based on the stress put on the activity on the main branches of the economy ( in industry by eight percent, the building sector by 16.9 percent, the sector of services by 6.2 percent, agriculture by 12 percent.

The revenues from the profit tax are planned down by 443 million lei, mainly because of the cut in the turnover and the diminution of labour productivity in the economy, and the ones from excises by 362.2 million lei, following the drop by two percent of the processing industry (the manufacturing of tobacco products).

According to the recitals of the draft normative act, necessary is the rectification of the state budget and of the budget of of social insurance, in correlation with the forecasted evolution of the macroeconomi indicators and with the measures taken.

‘Because of the unfavourable foreign environment, Romania is facing a more severe economic recession than that anticipated for the start. Although the implementation of the anti-crisis programme has succeeded to lead to the normalization of the financial conditions, the contraction of the economic activity is facing a more severe recession than initially anticipated.

Although the implementation of the anti-crisis programme has succeeded to lead to the normalization of the financial conditions, the contraction of the economic activity is anticipated to be higher than the initial projections.

For the entire year 2009, a contraction of the economic activity is anticipated of minus 8 percent, up to minus 8.5 percent, so that the gross domestic product, GDP, is estimated to register a nominal value of 497.325 billion lei, ‘ reads the recitals of the draft bill regarding the budget rectification.

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