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Romanian government presents program: Average economic growth of 3% in 2013-2016, budget deficit below 3%

de V.O.
Joi, 20 decembrie 2012, 16:57 English | Business

The newly designated government of Romania, formed of the Social Liberal Union (USL) alliance and led by Victor Ponta, eyes an average annual economic growth of 3% for 2013-2016 and maintaining an ESA-system budget deficit of under 3% until 2016, according to the USL governing program, published by the government on Thursday.

It eyes reaching a structural budget deficit of 0.7% of GDP in 2014 and keeping it at that level in 2015 and 2016, but also reaching a "lower VAT level for basic food products within the limits of fiscal necessities" on the average term.

On research, the government wants to group all research institutions controlled by ministers and governmental agencies under the Education, Research and Innovation ministry.

On European funds, the Government eyes an absorption rate for non-reimbursable structural and cohesion funds of 50-80% by 2015.

On fiscal policies, the government says it plans to provide transparency for public funds, to simplify the tax system, to return to a 19% VAT and introduce progressive taxation.

The program defines the principles of the USL government. Among them:
  • compliance with the rule of law and individual rights
  • compliance with Romania's commitments to foreign partners - the European Commission, the IMF and th World Bank - with the goal of an inclusive economic growth with a balance distribution among the population, by applying structural reforms which would allow increasing economic competitiveness.
  • a new vision for Romania - economic development and social cohesion
  • improving the absorption rate of structural funds as an essential condition to provide sustainable economic growth and limit foreign debt
  • support economic freedom, private initiative and fair competition
  • guarantee property rights
  • efficient use of public money and war on tax dodgers
  • accelerated structural reforms
  • the development of competitive economy, of modern agriculture and industry
  • sustainable social policies to provide free and equal access to education and health systems
  • political reform, meaning an improved Constitution and a credible, legitimate Parliament
  • regain the country's place worldwide as a respected partner within the European Union

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