Boc: 2010 budget bill will be ready in the first decade of November

Romanian interim Prime Minister Emil Boc has recently stated that the 2010 budget will be ready to be presented in the first decade of November. 'We are now working on the draft 2010 budget (...) and we believe we will be able to show it already in the first decade of this month,' Emil Boc told a TV broadcast.

The head of the Romanian Government also added that, once ready, the budget bill will be submitted to the Parliament for approval, with one of the possible formulas to be chosen for the presentation of the budget being that of the members of the Cabinet, who are also MPs, to sign the legislative initiative, in the context the resigning government does not benefit of full power anymore.

The approval of the 2010 budget bill, with a deficit target of 5.9 percent of the Gross Domestic Product involved, before the talks following with the IMF on December 10, was the condition made by the Fund for unblocking the next tranche worth 1.5 billion euros from the loan contracted with Romania.

The Stand-By Arrangement between Romanian and the IMF was concluded for 24 months, with the Fund following to transfer to Romania 12.95 billion euros in total, in eight installments, from a total support loan worth 19.95 billion euros. The remaining amount will come from the European Commission - t billion euros, 1 billion from the World Bank and 1 billion from the European Bank for Reconstruction and Development and the European Investment Bank. Romania has so far received 6.57 billion euros in total from the IMF, with the second tranche's value having stood at 1.85 billion euros.

agerpres.ro