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Bucharest
September 24, 2021
BUSINESS

Gov’t promises to limit co-financing of projects with EU funding

The government promised to limit, for the rest of the year, the expenses for co-financing the projects that benefit from EU funding, after repayments were interrupted, and to refrain from using to this view the money obtained from privatisation operations or the sums that were not spent from the National Infrastructure Development Programme (PNID), under the letter of intent agreed with the IMF.
The government also committed itself to avoiding the fiscal skidding during the general elections set for later this year, even if there will be “pressure” aimed at relaxing the fiscal system, and to securing a strict discipline of local public finance, reads the letter of intent. According to the same document, reaching the budget deficit target this year will imply continuing the austerity policy, as well as implementing measures aimed at a better collection of fiscal contributions.
“In 2013, the structural deficit will be reduced by at least 0.5 pc of the GDP. In order to make sure that we will meet the target for 2012, we will limit the cash deficit target to 2.2 pc of the GDP, which implies an equivalent consolidation of 2 pc of the GDP in structural terms. Meeting this target will imply maintaining the austerity in the sector of expenses and consolidating the tax collection efforts,” adds the document.

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