BUSINESS

First budget rectification in August, sources say

The government will carry out the first budget rectification this year in the first half of August, after negotiating the precautionary stand-by agreement with the IMF, when the financial results of Q1 will be known exactly, official sources have stated yesterday, Mediafax informs. “The redistribution of funds for Ministries will be based on expenditure needs but also on investments made in Q1. The funds initially earmarked for projects that are currently far behind schedule will be redirected to other projects whose chances of completion are higher, and the Ministries that were unable to make investments will lose the funds,” the aforementioned sources showed. According to them, through this budget rectification the government wants to focus on earmarking funds for projects financed from EU funds, but the operation will depend on the conclusions of the talks with the IMF.

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