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| A BUDGET AT TIMES OF CRISIS 10/02/2009 |
| (2009-02-11) |
| Last updated: 2009-02-11 18:13 EET |
The anti-crisis measures laid down in the draft budget include maintaining the 16% flat tax, extensive public investments in infrastructure, a greater absorption of EU funds, the payment of debts to economic companies, no tax on reinvested profit and rendering the guarantee fund for small and medium-sized businesses operational. As regards the relaunch and boosting of economic growth, the
Prime Minister said that the budget provided for over 10 billion Euro worth of investments, which is the largest sum of money allocated by a government to that sector after 1989. Boc said that the 2009 budget was an austerity one, built on a 2% deficit and a 2.5% economic growth. In his opinion, the present budget structure might facilitate Romania’s access to cheaper credits. Emil Boc:
“The budget we are coming up with is hard on the present and fair to the future. Romania suffers from bureaucratic obesity and customary waste. Checking waste and cautiously thinking out spending are necessary but not enough. They are means of defending an austerity budget.”
According to Emil Boc, stimulating the small and medium-sized businesses is a process involving a number of measures which have been laid down in the budget. Emil Boc:
“The budget is very strict in terms of the administration’s abusive spending, but it comes up with a larger number of measures to protect and increase jobs. The budget includes positive measures that will boost the economy, will create jobs and will support small and medium-sized buisnesses.”
Minister of Trade Constantin Nita spelled out the amendments to the laws on small and medium-sized businesses, many of them being requested by the relevant employers’ association. He believes that the setting up of the fund for the counter-guarantee of credits might solve many of the entrepreneurs’ financial problems. Constantin Nita:
“The registered capital of the counter-guarantee fund will stand at 100 million Euro. It will allow for a 4-5 fold increase in the number of small and medium-sized businesses, which will be able to get bank loans.”
Constantin Nita announced that he would run a nation-wide campaign to inform the entrepreneurs on the possibilities of accessing European funds. He went on to say that five centers of promoting Romanian exports would be set up in Kishinew, Moscow, Beijing, Mumbai and Cairo. Finance Minister Gheorghe Pogea requested funding from the banks for the measures laid down in the draft budget.
They aim to protect people’s economic interests by ensuring a stable exchange rate for the people who got loans in hard currency and whose incomes are in lei. In turn, the governor of the National Bank of Romania, Mugur Isarescu believes that the Romanian economy needs a certain stability of the exchange rate and its correlation with the macroeconomic coordinates.
He warned that the Central Bank would not fund the state budget deficit, even if the Treasury’s surplus stock plummeted to zero. Moreover, Isarescu pointed out that a new stand-by accord with the International Monetary Fund would involve high costs and that Romania had better get a loan from the European Union. Mugur Isarescu:
”It is not easy to get such resources. The National Bank of Romania cannot fund even one leu, even one ban. There is a total restriction. Nor do we have the necessary instruments to do that. The moment the surplus stock of the state treasury is close to zero, payments cease, we cannot fund directly the public deficit.”
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