Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. Government has approved budget rectification

Government has approved budget rectification

December 23, 2021

The government adopted on Friday this year's second budget rectification, maintaining the deficit target of 7.13 pct of GDP, announced the Minister of Finance, Adrian Caciu."The rectification of the state budget has been adopted, we maintained the deficit target of 7.13 pct of GDP. We provided the necessary resources for this year, until December 31, and we managed to find a solution to unblock the critical situation at CEC Bank," said the minister.He recalled that CEC Bank has been looking for the solution for two years so that, after the share capital increase in 2019, it could comply with the rule requested by the European Commission to be able to have the necessary exposure and guarantees to enter the lending market."As a result, we have established that we will grant a loan of 1.4 billion lei to CEC Bank for several purposes. Firstly, the Romanian state will immediately receive 900 million lei in dividends. Secondly, this banking company and the other banks will support us in implementing the government program because it contains not only money from the state budget, but also European funds and we need co-financing, so that the beneficiaries of European funds have a place from where to get loans that are targeted at the implementation of the public policy programs that the Government will adopt in the next period. As far as I am concerned, this was a key moment. From this moment on, from the point of view of CEC Bank, we no longer have a risk on the banking system," the government official maintained.According to Caciu, having to reallocate money for pensions and salaries from other budgets at the end of the year has been a structural mistake, one that will not happen again the following year."Today's rectification shows us some structural shortcomings in the way the budget projections are made in Romania, because we end up in the last month of the year having to allocate additional amounts for pensions and salaries, but the saddest thing is that we have to take money from European-funded projects, from investments, not because you have to take money from somewhere, but because those investments only existed on paper in a budget. This is a lesson I am quickly learning myself, and so is the Government and which we must not repeat in 2022," the minister gave assurances.According to a press release of the Ministry of Finance, the deficit of the general consolidated budget, in absolute amount, calculated according to the national methodology (cash), increases to 84.905 billion lei, while standing at 7.13 pct of GDP.  

The text of this article has been partially taken from the publication:
http://actmedia.eu/daily/government-has-approved-budget-rectification/95203
Read in full - click here
Iron Maiden to bring ‘Run For Your Lives’ tour to Bucharest in 2026

British heavy metal band Iron Maiden will perform at Bucharest’s National Arena on May 28, 2026, as part of their “Run For Your Lives” anniversary world tour, promoter Emagic announced on Thursday, September 18. The concert will feature a career-spanning setlist highlighting defining moments from the group’s five-decade history, accompanied by what organizers described as […]

Three out of four Romanians believe Ukraine war greatly impacts Romania, survey shows

Three-quarters of Romanians believe that the war in Ukraine affects Romania to a very great and fairly great extent, according to the third edition of the Informat.ro barometer by INSCOP Research, carried out between September 1 and 9. The monthly survey, which aims to bring to public attention topics of interest, shows that “opinions are […]

Romanian investor reportedly buys Bucharest’s emblematic Scala building

Daniela Schoppmeyer, the majority shareholder and general manager of Faberrom, a company that took over in the 1990s most of the spaces of the former APACA clothing factory in western Bucharest, is the new owner of half of the emblematic Scala residential block, on Magheru Boulevard, Profit.ro reported. Schoppmeyer...

Bucharest Parking Company reports strong results, adds over 12,400 new parking spaces in H1

The Bucharest Municipal Parking Company (CMPB) inaugurated 189 new parking facilities with more than 12,400 spaces in the first half of 2025, while revenues from parking fees rose 20% year-on-year to RON 50.4 million (roughly EUR 10 million), the company said on Thursday, September 18.  CMPB reported a net profit of RON 28.3 million for January–June […]

Romanian project creates seagrass meadows, artificial reefs in the Black Sea

Romania has inaugurated underwater seagrass meadows and artificial reefs in the Black Sea as part of a major restoration project aimed at curbing erosion and reviving marine biodiversity, the National Administration “Apele Române” said. More than 20 hectares of seabed have already been planted with Zostera noltii seagrass and transplanted with Cystoseira barbata seaweed, creating […]

Former California pastor accused of sexual abuse, child trafficking at Bucharest shelter

A former pastor from California has been accused of sexual abuse and child trafficking at a shelter he ran in Bucharest, according to lawsuits filed by two Romanian men in the California District Court, AP reported. The complaints, filed by 33-year-old Marian Barbu and 40-year-old Mihai-Constantin Petcu, reportedly say that former pastor and missionary of […]