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Government to make new budget revision by year-end

The Government will make a second budget revision for 2011 by the year-end, as the fiscal responsibility law allows it, Public Finance Ministry (MFP) Secretary of State Gheorghe Gherghina told on Wednesday.

He said that at present it was difficult to estimate what would be the impact on the budget triggered by the revision of the economic growth prognosis for 2011 from 1.5 percent to 1.7 percent that the National Commission for Prognosis (CNP) was going to make in the coming period.

The first budget revision this year was made at the beginning of August and it was a positive one. Several ministries received then supplementary amounts for the continuation of infrastructure works, investments and for covering some state-owned companies' debts.At the first budget revision the largest amounts of money were earmarked for the Transports and Infrastructure Ministry and the Regional Development and Tourism Ministry.

Simplifying national contributions to the EU budget is welcome

Computing the national contribution to the budget of the European Union against the Value-Added Tax was complicated, and the simplification of the process envisaged by the European Commission is welcome, state secretary with the Romanian Ministry of Finance (MFP) Gheorghe Gherghina told a conference on Wednesday on the EU multiannual financial framework.

'As far as the MFP is concerned, simplifying the computation of the contributions is justified. The computation of the contributions against the VAT was complicated and a simplification of is welcome,' said Gherghina.

With the projection of the EU 2014-2020 multiannual financial framework, the European commission suggests a change in regard to the annual budgetary revenues of the EU, with the national contributions of all the member states expected to go down, as EU resources from bank taxes should rise.

Gherghina said that even if there is no talk of such thing yet, in some years' time there will be talk of the EU assuming some sort of a budget deficit. Currently, there is no EU deficit in use, as spending is projected to match revenues.

Gherghina also said it is very important what means to boost economic growth will be found at an EU level, pointing out that Romania may very likely downwardly adjust its 2012 economic growth projection, not because of what happens domestically, but rather because the tight economic connections with other EU member states and other areas.

In 2010, Romania contributed 791.77 million euros to the EU Budget and received allocations of 1.35 billion euros.Since its accession to the EU in 2007, Romania has been earmarked 10.667 billion euros, having contributed 5.734 billion euros, with the balance of financial flows favouring Romania by 4.932 billion euros.

Romania has been a net beneficiary of EU allocations since 2007, with the balance of flows favouring Romania by 426.37 million euros in 2007, 1.346 billion euros in 2008, 1.513 billion euros in 2009 and 1.087 billion euros in 2010.

Romania's contribution to the EU Budget was 1.15 billion in 2007, 1.268 billion euros in 2008, 1.364 billion euros in 20098, 1.158 billion euros in 2010, whereas the earmarks stood at 1.577 billion euros in 2007, 2.615 billion in 2008, 2.878 billion euros in 2009 and 2.246 billion euros in 2010.

Sursa: http://www.actmedia.eu

Tags: budget euros billion romania gherghina revision mfp

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