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President Basescu: Demands made by ministries may push the budget deficit to 9%

de Radu Rizea
Vineri, 16 ianuarie 2009, 13:11 English | Top News

"We need to adapt the state budget very soon", said Romania president Traian Basescu during the Romanian Employers' Association Conference, on Friday/ The head of state emphasized that  "clever, efficient and trustworthy" measures need to be adopted.

The main statements made by the president, in brief:

- The state budget must be adapted quickly;
- While the government sees it can accept a maximum deficit of 2%, the demands made by the ministries may push the deficit towards 9%;
- The markets are contracting, mainly in exports, the second important problem is the financing of  the economy. In both areas, the economic crisis is being felt;
- The banking system in Romania is solid, but is no longer fueled with cash by the international banking groups;
- Due to the lack of foreign financing, all the pressure is on the national currency;
- The exchange rate is the third channel in which the crisis has effects;
- The fourth channel is the investors' confidence, which diminished not only for Romania, but for all  12 states that joined the European Union after 2004;
- The current account deficit was 14% in 2007 and 13% in 2008;
- The real economy acted responsibly, the Government acted irresponsibly in 2008;  the Government contributed with over 2% to the budget deficit;
- The new Government must take into account the debts, which are - in my opinion - the main priority;
- The economy is blocked by the Government;
- The Government must pay its invoiced debt of over 725 million Euros and not invoiced yet of 300 million Euros;
- The public institutions have unpaid debts - invoiced or not - of over 2 billion Euros;
- The institutions must pay their debts until the middle of March, in order to ensure the cash for companies;
- Public administrations also have to pay their debts;
- Another priority is the management of European funds, a resource that is not efficiently used yet;
- We received 1.85 billion Euros in 2007-2008, we could have used 3 billions;
- We didn't spend the money for two reasons: the lack of credible projects and the excessive bureaucracy;
- We may benefit from 5.9 billion Euros in 2009;
- This money is the real source for Romania's evolution in this period;
- The state system must help the investors, not impeach them;
- Transparency is a key factor  in the fast use of money;
- The public procurement law must get rid of all bureaucracy;
- We don't give up our target to adopt the European currency in 2014.

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