ECONOMY

Parliament sets timetable for debate and adoption of state budget for 2017

The Standing Bureaus of the Lower Chamber and the Senate established on Wednesday the timetable based on which the state budget for 2017 will be debated.

The bill will be adopted by Parliament next week.

Lawmakers can file amendments to the bill until Friday morning, 9 a.m., according to the timetable posted on the Senate’s website. By 10 a.m., the amendments will be tallied and ordered by committees and main credit release authorities.

At 11 a.m., the joint standing committees of the Senate and the Lower Chamber will file their reports with the budget, finances and banking committees. The general debate will then start within the budget, finances and banking committees of the Senate and the Lower Chamber.

On Saturday, at 10 a.m., the budget, finances and banking committees will hold debates with the main credit release authorities and will draft their reports. The debates will continue until 8 p.m. on Sunday.

On Monday, starting at 11 a.m., the Standing Bureaus of the Lower Chamber and the Senate will establish the time allocated for the plenum debate on the state budget bill and social security budget bill. The joint plenum meeting is scheduled at 1 p.m. and will feature general debates as well as debates on the annexes of the bill.

On Tuesday, at 10 a.m., the joint plenum of the Lower Chamber and the Senate will cast its final vote on the bill, which will then be sent to the president for promulgation.

 

FinMin Stefan: Romania’s budget for 2017, adopted by Government

 

Romania’s draft budget for 2017 was adopted by the Government on Tuesday, Finance Minister Viorel Stefan announced after the Government meeting.

“Romania’s budget for 2017 was adopted in the Government meeting today [Tuesday]. This budget was built observing three fundamental things: the real data on the Romanian economy, the Social Democratic Party’s (PSD) governance programme (…) and (…) the main public policies and national projects as part of a projection for the next four years, to ensure the coherent development of Romania,” Viorel Stefan said in a press statement at the Victoria Palace.

According to him, the main macroeconomic projections the Executive had in view for the construction of the budget for 2017 are a Gross Domestic Product of RON 815.19 billion, a 5.2 percent economic growth and a maximum budget deficit of 3 percent.

 

Budget deficit cap of 2.98 pc of GDP in 2017 and 2018

 

According to information posted on the Government’s website, the members of Government discussed on Tuesday the bill approving the capping of indicators specified in the fiscal-budgetary framework for 2017 – ‘Fiscal-budgetary Strategy 2017-2019.’

Thus, according to this bill, the budget deficit cap will be 2.98 percent of GDP in 2017 and 2018.

Budget expenditures on personnel will be capped at 7.8 percent of GDP in 2017 and 7.7 percent of GDP in 2018.

The public debt cap, calculated in line with European Union methodology, was set at 40 percent of GDP at the end of 2017.

In 2017, the caps set on reimbursable financing that can be contracted by administrative-territorial units as well as those on the withdrawal of funds from reimbursable financing already contracted or that is about to be contracted stand at RON 1,200 million each. The value of reimbursable financing that can be authorised for an administrative-territorial unit stands at RON 100 million per year at most.

The cap for the issuance of Government guarantees, through the Finance Ministry, and of administrative-territorial unit guarantees stands at RON 8,000 million for 2017.

 

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