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Budget blueprint provides arrears to be fully offset by mid-2011

The 2011 consolidated budget provides a deficit of 4.4 pct of GDP, the reduction of arrears to zero and 35 billion lei in investments, Minister of Public Finance Gheorghe Ialomitianu on Friday told the joint parliamentary Committees on Budget & Finance at the presentation of the budget.

'We intend to fully offset the arrears by mid-2011. The GDP stands at 544 billion lei in 2011, marking an increase by 1.5 pct. The unemployment rate is set to decline. We kept the tax rates unchanged, the budget provides the enforcement of the standard VAT rate of 24 pct. Revenues will also be supplemented by fighting tax evasion. Revenues next year amount to 179.2 billion lei, that is 32.9 pct of GDP, and spending is set at 203.2 billion lei, i.e. 37.3 pct of GDP, compared to 39.5 pct of GDP in 2010. The deficit is set at 4.4 pct of GDP, consistent with our goal of narrowing the deficit to 3 pct in 2012. The state budget represents almost half of total revenues,' added Ialomitianu. Co-financing for projects carried out with European funding amounts to 10 billion lei.

'The figures assigned in the budget for social assistance next year represent 12.51 pct of GDP, compared with 13.39 pct in 2010. Also, the budget introduces caps on spending and limits for fiscal imbalances. A major goal of the budget structure is speeding up the absorption of funds. More than 10 billion lei are set forth for co-financing, compared with 6 billion lei in 2010,' said Ialomitianu.

He mentioned that investments were projected at a higher level due to the cut in current spending.

'By reducing current expenditures we were able to pinpoint a higher amount for investments: 35 billion lei, compared with 33 billion lei in 2010.'

The 2011 consolidated budget was presented on Friday to the joint parliamentary Committees on Budget & Finance.

Sursa: http://www.agerpres.ro

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