Gov’t approves second budget rectification this year. RON 9.5bn additional revenues, higher expenses by RON 10.7bn

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The Government has approved on Friday the second budget rectification this year, with additional RON 9.5 billion in revenues and RON 10.7 billion in expenses, Finance Minister Eugen Teodorovici said at Victoria Palace.

“Budget rectifications are made in order to put the economic realities in accordance with the public finances. We’ve started from the initial budget, built on certain macro-economic premises and we meet the commitments. We’ve started with five big commitments which we fully observe. We implement the governing programme, the measures to stimulate the economy and social measures, an achieved objective. We meet the budget deficit target, below 3% of GDP, the share of government debt in the GDP is not growing, also an achieved target, we are consolidating the finances reserves with the Treasury, we ensure the military expenses according to the commitments. We also ensure the financing for celebrating the centenary and for taking over the EU Council presidency, which are also achieved commitments,” Teodorovici said.

He added that the rectification brings RON 9.5 billion more revenues against the initial budget and RON 10.7 billion higher expenses against the initial budget.

“The expenditures for investments will be by 40% larger against the achievements in 2017. Romania will maintain the share of government debt at 35% of GDP, the fourth smallest in the EU. The fund with the Treasury is of RON 31 billion, which ensures 5 months of gross financing,” Teodorovici also said.

The first budget rectification took place in August, having the Finance Ministry, Interior Ministry and Health Ministry as main beneficiaries.

According to the second budget rectification:

  • Transport Ministry: funds lower by RON 1.16 billion
  • Ministry for Research and Innovation: -RON 228.9 million
  • Education Ministry: -RON 198 million
  • Ministry of Culture and National Identity: -RON 176.8 million
  • Ministry of Communications and Information Society: -RON 166 million
  • Ministry for European Funds: -RON 164.9 million
  • Ministry of Public Finances: -RON 128.5 million
  • Ministry for Waters and Forests: -RON 95.9 million
  • Ministry for Business Environment, Trade and Entrepreneurship: -RON 71.6 million
  • Ministry of Agriculture and Rural Development: -RON 49 million

On the other hand, additional funds will reach the following:

  • Ministry of Public Finances: general actions +RON 2.69 billion (of which RON 1 billion interests, RON 671.6 Romania’s contribution to the EU budget and RON 700 million to the budget reserve fund available to the Government)
  • Ministry of Labour and Social Justice: +RON 787 million (mainly for state allocations for children and payments to people with disabilities
  • Health Ministry: +RON 211.5 million (mainly for ensuring the salary rights from the state budget for permanent centres, emergency departments)
  • Ministry of Justice: +RON 138.5 million (of which RON 100 million staff expenditures)
  • Ministry for Regional Development and Public Administration: +RON 85.2 million (amounts needed for carrying out the projects/programmes with external grants for the 2014-2020 financial year of the Regional Operational Programme +RON98.42 million)
  • Interior Ministry: +RON 70.6 million.

The budget of the National Fund for social health insurance is increased in the expenses chapter by RON 600 million.

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