RO FinMin assures Treasury has enough money to start the year

Romania's Finance Ministry has "started working" on the draft budget for next year, based on the Government's current structure, finance minister Florin Citu announced on December 16, Economica.net reported.

He added that the budget draft would be easily adjusted if the Executive's structure changed after the negotiations between the future coalition partners.

The finance minister previously said that he hoped the lawmakers would approve the 2021 budget before yearend.

Still, it's unlikely this will happen given that the new Parliament will be sworn in on December 21, and the center-right coalition partners haven't agreed on who will lead the new Government.

However, minister Citu assured that there would be no financing problems as the State's Treasury has enough money in its accounts to finance the public deficit in the first four or five months of the year.

"There is no problem. We have already secured funding for 4-5 months from next year. Investments, health, salaries, pensions," said Citu, who was nominated by the National Liberal Party for the prime minister seat.

Romania's public deficit will spike this year above 9% of GDP, and minister Citu admits that a 7%-of-GDP target for 2021 is still ambitious.

(Photo: Gov.ro)