Basescu promulgates law on empowering Government to present budget

President Traian Basescu on Wednesday signed the decree on promulgating the law on completing Art 26 of Law No 90/2001 on the organization and functioning of Romania’s Government and ministries, informed the Presidential Administration.

The Chamber of Deputies on November 10 and, subsequently, the Senate on November 11 decided on amending Article 26 of the law on the organization and functioning of the Government that will make it possible for the Boc Cabinet, which was dismissed, to present the draft budget for 2010 in Parliament.

The amendment refers to Art 26 of Law 90/2001 on the organization and functioning of the Government so that, under out-of-the-ordinary circumstances, a Government dismissed but still in office till a new Cabinet is sworn in should initiate draft laws on ratifying some international treaties and the drafts of the state budget and of the social security budget.

The approval of the law on the budget for 2010 is a condition requested by the International Monetary Fund for unblocking the next tranche of the loan in the financing agreement concluded with Romania.

The above-mentioned agreement spans 24 months, the IMF is to transfer Romania a total of 12.95 billion euros, in eight tranches, of a support loan amounting to 19.95 billion euros. About 5 billion euros come from the European Commission, one billion euros from the World Bank and one billion euros from the European Bank for Reconstruction and Development and the European Investment Bank. Romania has so far got a total of 6.57 billion euros from the IMF, of which the second tranche amounted to 1.85 billion euros.

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