Government approved draft Law on 2020 state budget

The government approved the draft Law on the 2020 state budget. The document provides 44.1 billion lei revenues and 51.5 billion lei expenditures. The deficit exceeds 7 billion lei. The budget expects a 3.8% economic growth, an average annual inflation of 5.7%, a 9% increase of exports and an increase of imports of 7.1%.

The Minister of Finance, Sergiu Pușcuța, explained that the difference between incomes and expenses will occur due to the launch of new social protection programs. The government has already approved a bill which provides for aid increase for the cold period of the year and another bill which grants a single support payment of 700 lei to beneficiaries of state pensions and social allowances that do not exceed 2000 lei per month. Moreover, the programs in force, such as the "First House", subsidies in the field of agriculture and in the field of regional development and energy efficiency, will continue to be provided.

"The 2020 draft budget is strongly based on the investment component", said the minister of finance. In 2020, 72 projects will be funded from external sources. The most important ones concern the development of road infrastructure.

Estimates for the 2020 National Public Budget, which includes the state budget, the state social insurance budget, the mandatory medical insurance fund and the local public administration budget, predict an increase of revenues and expenses of 8.9% and 10.2% respectively. Global revenues are estimated at 69.2 billion lei, while expenses at 76.6 billion lei.

The Law on the state budget is adopted by Parliament in three readings.

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