Collections to Romania's budget rally in April compared to the first three months, minister says

Publish date: 30-04-2009
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Collections to the state budget improved in April as they dropped only 3 percent year-on-year, compared to a 6.2 percent decline recorded in January versus the same month in 2008, said Romania's Finance Minister, Gheorghe Pogea.

He also mentioned incomes to the general consolidated budget reduced 5.5 percent in the first quarter over the similar period in 2008.

As many as 13.8 billion lei are alloted this year for salaries in the education field, compared to 12.8 billion lei last year, the minister also said.

Some 62.8 billion lei will go to social services in 2009, versus 53.6 billion lei in 2008, representing an increase to 11.8 percent of the gross domestic product (GDP), from 10.63 percent in the previous year.

This year's pension budget foresees expenses of 38.6 billion lei, versus 32.5 billion lei in 2008, which accounts for a 0.82 percent advance in GDP of these spendings, mainly owing to the minimum guaranteed pension.

Expenses for goods and services are estimated to reach 27 billion lei this year (5 percent of the GDP), down from 33.2 billion lei (6.58 percent of the GDP) in 2008, while those for interests will double, from 3.9 billion lei last year to 8.4 billion lei in 2009.

Spendings with staff should count 41.5 billion lei this year or 7.8 percent of the GDP, a lower level compared to the 43.3 billion lei recorded in the year before or 8.6 percent of the GDP.

What's more, yields for state securities will reduce after the first part of the loan taken from the European Commission will enter the country and bids will tail away as the state will draw back from the market, Pogea also declared.
He added the annual average yield lowered to the current level of 11.5 percent from 14.24 percent in January, when it stood near the lombard credit rate.

The finance minister also mentioned the 5-billion euro loan taken from the EC, part of the 20-billion euro external financing package agreed up with the International Monetary Fund, will not be used for salaries or pensions, but for financing the budget deficit.


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