Deficit target to be adjusted upward after the next budgetary rectification

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The budget deficit target will be amended upward in the next budget revision scheduled for October 23, given that, by year-end, there will be additional allocations to local budgets amounting to RON 1.4 billion, Finance Minister Eugen Teodorovici said on Thursday, agerpres.com informs.

“Based on current estimates the deficit target will be somewhere above 1.86 percent, as it was the correction in July, but we will calculate and see at the rectification,” Teodorovici said during a press conference.

He explained that the increase in the deficit is necessary, although the budget has surplus because it is possible that by the end of the year may not be enough money for all the expenses.

According to Teodorovici, by the end of 2015, it will be paid the fourth tranche of execution titles, there will be payments required for disasters, heating energy etc.

In onther context, he warned that Romania will lose EUR 4 billion in EU funds related to the period 2007-2013, if it comes to an absorption rate of 80 percent, and the situation could be repeated in the next financial year, if the people in the responsible institutions are not changed.

 

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