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Gov't approves second revision of 2011 Budget and social security fund

The Government on Wednesday approved the second revision of the 2011 Budget and social security fund based on the latest data released by the National Statistics Institute (INS) indicating a 4.5-percent economic growth year-over-year in the 3rd quarter of the year and the implementation of the Budget in the first nine months that ended with a deficit of 2.5-percent of the Gross Domestic Product (GDP).

'In essence, we considered allocating additional resources for the following ministries and fields: the budget of the Health Ministry got an additional RON 1.2 billion to cover additional spending of RON 483 million for paying drugs arrears, RON 560 million to make up for diminishing revenues of the Healthcare House and RON 240 million for the programmes of the Health Ministry. The Transport Ministry got RON 772 million, the Regional Development Ministry RON 430 million, and the Culture Ministry got RON 53 million, RON 47 million of which will cover the finishing works on the National Library. We also provided RON 250 million in additional funds for the Economy Ministry to increase the share capital of the National SME Guarantee Fund. I want to mention that RON 208 million were allocated to pay the carers of people with special needs and RON 60 million for the farmers' pensions,' Prime Minister Emil Boc said at the end of the Government meeting.

He pointed out that this revision was aimed at bolstering Romania's fundamental objective of boosting economic growth.

'We are in the fourth quarter of the year; data so far indicate that it takes a major effort of the Government to keep up or near the economic pace of the third quarter. I would like us to get on well and be realistic. The third quarter is by far the best we had in the past two years, but this is no reason to get high. If this pace is not further supported by firm measures of economic consolidation it will remain an isolated occurrence. So far, Romania has reached the objective of 2011 economic growth of between 1.5 and 2 percent. It is important what happens in the fourth quarter and that is why by reshuffling the Government spending we again prioritised investments, jobs and healthcare, the last of which is at least equally important to each of us,' said Boc.The euro traded for RON 4.35 on November 16.

Sursa: http://www.rciro.ro

Tags: ministry million revision quarter economic budget euro