RO Court of Auditors finds budget deficit in 2017 was higher than officially reported

Romania’s Court of Auditors found “significant and widespread” irregularities in the reporting of the Finance Ministry and tax collection agency (ANAF), upon the audit of their 2017 statements, Ziarul Financiar reported.

“The financial statements [of the two entities] do not present a true and fair view of the financial position, performance or change in the entity's financial position,” the Court concluded. The Court instructed the two institutions to address the problems that resulted in irregular reporting.

Separately, the Court of Auditors re-calculated the deficit of the state budget (central government) to 4.2% of GDP, compared to 3.9% as reported by the Finance Ministry. The actual budget revenues were RON 108,6 billion (EUR 23.3 billion), RON 6,46 billion (5.7%) below the level the ministry reported.

“In fact, as a percentage of GDP, the state budget deficit at the end of 2017 (4.2% of GDP) was higher by 7.69% compared to the one approved by Law no. 6/2017 (3.9% of GDP)," the report, quoted by Ziarul Financiar, shows.

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