Government approves 2018Idraft state budget law

The executive agreed the draft state budget law for 2018. The document was worked out in accordance with the public policy priorities of the Government and the provisions of the financing agreements signed with the development partners, IPN reports.

The draft state budget law for 2018 is based on an economic growth of 3%, an 8% increase in exports and a 6% rise in imports.

“We have a prudential attitude and I think our potential is bigger if we take into consideration what happened this year. The reality was much more positive and optimistic than we anticipated,” stated Prime Minister Pavel Filip.

Under the document, the state budget revenues will total 36.6 billion lei, an increase of 8.4% compared with the rectified state budget for 2017. The rise in revenues is mainly due to the larger amounts that will be collected as taxes and duties and as grants. The grants will total 2.8 billion lei, up 1.6 million lei on this year.

The state budget expenditure will total 41.3 billion lei, an increase of 9.3% compared with the rectified state budget for 2017. The costs will rise amid the planned salary raises, the rise in pensions and due to other measures that will be taken in the social protection and education spheres.

The current spending programs will also be financed. The Road Fund will get 1.7 billion lei, including local budget transfers, the National Agriculture Development and Rural Environment Fund - 900 million lei, the National Regional Development Fund - 200 million lei, while the Energy Efficiency Fund - 50 million lei.

The investment component was considerably increased. About 54 projects financed with foreign funds will be implemented next year. A sum of 4.3 billion lei will be allocated for implementing them, two times more than this year. The most important of these projects refer to road infrastructure development, competitive agriculture and provision of ambulances.

The state budget deficit is 4.7 billion lei. This will be funded from external sources like foreign loans in budget support and internal sources like those from privatization of public property and sale of assets of banks under liquidation.

The Government in the same meeting approved the 2018 draft state social insurance budget law and the 2018 daft mandatory health insurance funds law 2018.

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