Romanian Govt Plans Second Budget Revision During Parliament Vacation

Thus, the government will urge lawmakers, through a draft law, to allow it to issue, during the period in-between the end of the year’s first ordinary session and the second ordinary session, ordinances in those fields of activity unrelated to organic laws.

 

Such ordinances target the 2008 budget revision, financial regulations in the field of education, to transpose European acquis in the privatization, post-privatization and capitalization process of certain state assets, and establish certain measures needed to eliminate high collapse risks for certain buildings.

 

The government also plans to amend Law 350/2001 on landscaping and urban planning, Law 372/2005 on the energy efficiency of buildings, Ordinance 42/1995 protecting food products, Emergency Ordinance 196/2005 regarding the environment fund, Law 422/2001 protecting historic monuments, Law 35/1994 on literary, cinematographic, theatric, musical, folkloric and plastic arts stamps.

 

The ordinances will be submitted to Parliament for approval.

 

Under Romania’s Constitution, the Parliament can adopt a special law allowing the government to issue ordinances in fields of activity unrelated to organic laws.

 

The latest Finance Ministry data indicate Romania’s budget revenues rose 51% on the year in the January-March period, to 37 billion lei ($15.8 billion) from RON24.5 billion revenue in the same period of 2007.

 

According to the ministry, the state budget, which makes up the largest part of the country’s general consolidated budget, posted a deficit of RON2.23 billion in Jan-Feb, but was offset by surpluses posted by local and social securities budgets.

 

Romania’s government has already made one budget revision this year and lowered the country’s budget deficit ceiling to 2.3% of GDP from 2.7% of GDP to keep it in line with European Union requirements.

 

The European Commission warned Romania late January that it may launch an excessive deficit procedure against the country as the 2008 deficit is likely to exceed the E.U. limit of 3% of GDP.