Draft budget to be endorsed by Gov’t immediately after investiture

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The 2010 draft budget will be on the Gov’t agenda immediately after the investiture by the Parliament of the new Government, the current Gov’t announced on Saturday evening, after an informal meeting.
Prime-Minister Designate Emil Boc said the Gov’t priority is to endorse the 2010 draft budget and specified that the Parliament should vote it at the beginning of January, in an extraordinary sitting.

“We need that the state budget on 2010 is assumed by the new Government and adopted at the beginning of January, by the Parliament in an extraordinary sitting. The state budget on 2010 must be adopted in the framework of Romania’s commitments and here I refer to a budget deficit of 5.9 percent”, PM Boc said.
The draft budget projected by the Emil Boc Gov’t is based on a 0.5 percent economic increase and a 5.9 percent budget deficit of the GDP, in 2010. Likewise, the macroeconomic indicators are maintained – the 16 percent flat tax and 19 percent VAT, and the investment-oriented policies of 20 percent.

The approval of the 2010 state budget is one of the conditions imposed by the International Monetary Fund (IMF) to release the next loan tranches promised to Romania.
The International Monetary Fund chief of mission, Jeffrey Franks, said that it was possible that, in February 2010, both the third and the fourth tranches should be released. The fourth tranche was scheduled for March 2010, in keeping with the Stand-By Agreement and the Memorandum of Understanding.

‘We need to have a Government functioning as early as December 23. The reason for that is that we need the Government to submit the budget bill for 2010 to the Parliament by the end of the year, so that on January 4 or 5 the Parliament to already begin the examination of the state budget. We need to have a budget approved on January 16. Only with an approved budget, we can afford to call the EU, IMF and WB team to evaluations.

The team may complete the evaluation between January 20-27, so that the final document to be further submitted for approval to the Board of the Fund to be approved at some point between January 27 and February 1 (..) In this context, we can estimate the document may be approved by the Fund at its meeting on February 12 or February 15’, Traian Basescu said in a statement at the Cotroceni Presidential Palace.

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