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| What Does the New Budget Amendment Bring? |
| (2011-11-17) |
| Last updated: 2011-11-18 13:23 EET |
The Romanian government has adopted a second amendment to the 2011 state budget. The Ministries of Health, Transport, the Economy, Regional Development and Tourism will receive extra funds. In exchange, the government will cut the budgets for other ministries such as Finance and the Environment.
The government in Bucharest has adopted a second amendment to the state budget and the social security budget for 2011. The modification was made on the basis of data provided by the National Institute for Statistics regarding the 4.5% economic growth rate recorded in the 3rd quarter of 2011, as compared to the same period last year.
The new budget modification means large sums will be cut from the Finance Ministry budget (over one billion Lei), and that of the Labor Ministry (755 million Lei). The government will also cut the budgets for Agriculture, the Environment and Education. In exchange, the largest budget increase will be for Health (1.2 billion Lei), in order to finance current healthcare programs.
The Transport Ministry will also receive an increase of 772 million Lei, money needed for the payments of debts in arrears and the costs of subsidizing travel for students and pupils. The budgets for the Economy, Regional Development and Tourism Ministries as well as for the Interior Ministry will also be beefed up. PM Emil Boc has confirmed that this modification aims to reach the key target of consolidating economic growth. He has also said that for now Romania is on target for economic growth of between 1.5 and 2% in 2011.
The third quarter has brought in the best results in two years, says the PM, but the trend will not continue if tough economic measures are not kept in place. Emil Boc:
Emil Boc: “By reallocating the sums in the state budget, we have once again prioritized investments, jobs and healthcare, which are equally important to us all. The Health Ministry received an extra 1.2 billion Lei because we all want medicines to be available to patients and hospitals to have the resources they need to carry out their work in Romania.”
According to finance minister Gheorghe Ialomitianu, the budget amendment was made possible with surplus funds from the economy, and no cuts were made to public institutions that might put them in jeopardy.
The Fiscal Council says that this second budget amendment brings expenditure almost back to the level it was at in the initial proposal, and recalls that the first budget modification in 2011 anticipated expenditure totaling 3.2 billion Lei.
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