PM Grindeanu: Romania running budget surplus of over 1.64 billion lei in Q1

Premier Sorin Grindeanu announced on Thursday that Romania runs a budget surplus of over 1.64 billion lei, specifically 0.2 pct of GDP, in Q1.

“This is a bad day for all austerity apostles. (…) I received the latest data from the Finance Ministry and not only. (…) For the first three months of the year we have a budget surplus. Specifically, according to the latest estimations of the Q1 budget execution, we’ll have a surplus of over 1.64 bln lei, that is 0.2 pct of GDP. Total revenues to the general budget will be almost by almost 4 billion lei higher than in the first quarter of 2016, which means an increase of 7.2 pct,” Grindeanu said at the beginning of the Government meeting, thus brushing off recent criticism about the government’s fiscal policy.

According to the Premier, VAT collections were by 2.5 pct higher this February compared to February 2016 and by 8.9 percent higher in March 2017 compared to March last year.

“A number of 62,000 new jobs have been created in the first months of the year, and Romania’s unemployment rate reached a 27-year record low. (…) These are a few arguments that show us and give us confidence that we will achieve the goals we have all committed to. These are things that should please us all, I’d say, regardless of some persons’ particular desires,” added Grindeanu.

 

“In first three months of year, our loan, a quarter of what Government Ciolos borrowed”

 

The Executive has borrowed in the first three months of the year “a quarter” of what the Ciolos government borrowed, Prime Minister Sorin Grindeanu stated on Thursday.

“I have seen for a few days that there is a topic on the public agenda related to the situation of the loans taken out by the Romanian Government in the first three months (…) In the first three months of the year, we borrowed about a quarter of what the Ciolos Government borrowed,” Grindeanu said at the beginning of the Government meeting.

According to the Head of the Executive, loans are a practice in the EU.

“It is a practice in the European Union. Moreover, the loans contracted now by the Government are long-term, at low costs and in very good conditions. As a matter of fact, at the best historical return for Romania. (…) And the sums we have obtained – most of them – will be used for development,” Grindeanu also said.

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