The Governing Program is not even a "letter of intent"

Publish date: 17-12-2008
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Analysts and businesspeople said that the 2009-2012 governing program drafted by the Democratic-Liberal Party (PD-L) and the Social Democratic Party (PSD) "is not an operational economic program, but rather a list of goals, a letter of intent at best."

They added that the government should be formed prior to the drafting and presentation of a budget program.

The current Governing Program contains a series of measures to soften the impact of the economic crisis on Romania's economy. One of the main goals of this program is the countering of the negative effects of the financial crisis, and the maintaining of economic stability. Thus, the program is considering keeping the 16 percent flat tax, narrowing the budget deficit to 2.5 percent of GDP in 2009, introducing a differentiated VAT [Value Added Tax] ranging from 5-25 percent, and applying a "Robin Hood" tax for revenues generated by "external circumstantial factors." "They would have done better to wait a month or two to come up with the necessary details, and a complex budget program. You cannot talk about a 2.5 percent budget deficit when you have not included revenues and expenses. But there is also a positive side. They seem not to have understood the severity of the situation," Matei Paun, Managing Partner of the BAC Investment group, told Business Standard.

Business Standard

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