The revenues of the state budget totalled 10.7 billion RON(about 2.5 billion euros) on November 27, up 8% compared with thelevel registered a year ago, interim Prime Minister Emil Boc saidon TV.
"I am coming from the Government and wrote it down in a hurry:state budget revenues had reached 10.7 billion RON until November27, which means 108% compared with November 2008, when they stoodat 9.9 billion RON. Little by little we are halting economicdecline and preparing for the rebound of 2010," Boc said.
In the corresponding period of 2008, the state budget hadalready seen a sharp decline in VAT-related revenues as a firstsign of the crisis, which showed in the fast rise in budget deficitfrom 1.5% in GDP for the first ten months to 2.9% in November. Inthe first half of November 2008 alone, the state budget revenuesfell by 20% compared with the previous year, taking the FinanceMinistry by surprise.
Boc says the increase in revenues to the state budget was partlytriggered because of the transfer of about 1 billion euros from thedisbanded government agencies.
He believes the economy has reached bottom and "all the datashow 2010 will be a plus year as far as the economy isconcerned."
On the other hand, multiannual budgets, an old request of theprivate sector are to be finally implemented through the Fiscalresponsibility law, sent for approval to Parliament last week. Thislaw is one of the requirements of the International Monetary Fundthat Romania has to meet.
"It was undoubtedly a necessary step, in order to achieve atight budgetary discipline and predictability for business people.We were shocked, however. There are also some politicians who go asfar as to say that multiannual budgets are unconstitutional, muchto the bewilderment of business people. I believe they shouldpublicly explain why they are unconstitutional," says FlorinPogonaru, chairman of the Association of Business People in Romania(AOAR).
The fiscal responsibility law cancels 'electoral giveaways' thatis wage raises during the six months up to elections. Moreover,budget spending will no longer be as easy to approve, according tointerim Prime Minister Emil Boc.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
