Tag: Lazea

  • Zweite Haushaltsanpassung des Jahres

    Zweite Haushaltsanpassung des Jahres

    Die zweite Haushaltsanpassung des Jahres, die am Donnerstag von der neuen liberalen Regierung in Bukarest genehmigt wurde, erhöht das Haushaltsdefizit auf 4,4% des Bruttoinlandsprodukts (BIP), anstatt auf die zuvor angekündigten 4,3%.




    Finanzminister Florin Cîţu begründete diese Änderung damit, dass neue, vom ehemaligen Sozialdemokratischen Kabinett beschlossene ungedeckte Ausgaben aufgedeckt worden seien. Der Minister kündigte eine zusätzliche Zuweisung von 2 Milliarden Lei (rund 400 Millionen Euro) für die Zahlung von Sozialleistungen – Renten, Familienbeihilfen, Behindertenbeihilfen und andere – an. Minister Cîţu fügte hinzu, dass zusätzliche Mittel für die Bezahlung von Medikamenten und höhere Gehälter im öffentlichen Gesundheitswesen vorgesehen seien. Das Ministerium für Regionalentwicklung erhält auch mehr Geld zur Finanzierung des Nationalprogramms für lokale Entwicklung (PNDL) und des Start-Up Nation Programms zur Förderung neuer Unternehmen. Es wird eine Aufstockung der Mittel der Nachrichtendienste (Rumänischer Nachrichtendienst, Auslandsnachrictendienst und Schutz- un Wachdienst) geben, die am Mittwoch vom Obersten Verteidigungsrat (CSAT) genehmigt wurde. Der Entwurf der Haushaltsanpassung sieht eine Kürzung der den Ministerien für Bildung, Inneres und Verkehr zugewiesenen Haushaltsmittel vor. Damit wird eine Praxis beendet, die Geld für Sozialausgaben in die Hände der lokalen Barone legt; am Ende des Jahres wurde das Defizit künstlich reduziert, indem einige Zahlungen auf das folgende Jahr verschoben wurden. Wir halten das Gesetz ein und zeigen durch diese Haushaltsanpassung, was gestohlen wurde und wo es passiert ist und auch wo es Überschätzungen gegeben hat., sagte Finanzminister Florin Cîţu, ein harter Gegner der ehemaligen sozialdemokratischen Exekutive von Viorica Dăncilă.




    Das Haushaltsdefizit könnte bei etwa 3% des BIP gehalten werden, sagt der Ökonom Cristian Socol, einer der Urheber des Regierungsprogramms der Sozialdemokratischen Partei. Er ist der Ansicht, dass die Haushaltsanpassung des Ludovic Orban Kabinetts öffentliche Gelder verschwendet, so dass es dann das schwere sozialdemokratische Erbe beschuldigen kann. Nach Ansicht von Cristian Socol hätten einige Ausgaben umverteilt werden können; dies wäre der Fall bei den 6 Milliarden Lei, die dem PNDL-Programm zugewiesen wurden, bei Mehrwertsteuerrückerstattungen, Entschädigungen an die Nationalbehörde für die Rückerstattung von Eigentum oder Ermessensausgaben. Der Ökonom Cristian Socol glaubt auch, dass die Einnahmen steigen könnten, wenn das Finanzamt sich bemüht, bis Ende des Jahres die Forderungen gegenüber den Steuerzahlern einzuziehen.




    Über politische Streitigkeiten hinaus weist der Chefökonom der Rumänischen Nationalbank Valentin Lazea auf die Haushaltsrisiken hin, die mit der Erhöhung der Renten gemäß der geltenden Gesetzgebung verbunden sind, und warnt davor, dass die bereits sichtbaren negativen Auswirkungen zu einem wachsenden Haushaltsdefizit führen werden. Er hält es für angebracht, die Umsetzung des neuen Rentengesetzes, das von der ehemaligen sozialdemokratischen Parlamentsmehrheit angenommen wurde, zu verschieben.

  • Budget adjustment at the end of the year

    Budget adjustment at the end of the year

    The year’s 2nd budget rectification approved on Thursday by the Liberal government in Bucharest has pushed the budget deficit up to 4.4% of the GDP as against 4.3% as was initially stipulated when the document was submitted for public debate. The finance minister Florin Cîţu has explained that, in the last two days, they have identified certain expenses that had not been stipulated in the budget by the former Social Democratic cabinet.



    He has announced that an additional amount of around 400 million Euros has been allotted for the payment of social security rights by the end of the year. The finance minister has added that more money was also allocated for the payment of increased salaries in the public healthcare institutions and for medicines. The regional development ministry has also received more money for the National Rural Development Program. Additional funds will equally be channeled towards the Start-Up Nation program. The budgets of the Romanian Intelligence Service, the Foreign Intelligence Service and the Protection and Guard Service will also go up, the adjustment of their budget having been approved during Wednesday’s meeting of the country’s Supreme Defense Council. According to the budget adjustment bill, money will be cut from the ministries of education, interior and transport.



    According to minister Cîţu, with this budget rectification they are putting an end to a practice according to which the money which had to be used for social expenses was channeled towards the Social Democratic local authorities, and also according to which, at the end of the year, the deficit was artificially reduced by postponing certain payments for the next year. The finance minister, a fierce adversary of the former Social Democratic government headed by Viorica Dancila, says the rectification observes the law and through this rectification they will show what has been stolen, from where and what has been overestimated.



    In reply, Cristian Socol, one of the members of the former Social Democratic government involved in the drafting of the governing program, says that the budget deficit could be maintained at around 3% of the GDP. He claims that the new government is wasting the public money to later put the blame on the disastrous situation left behind by the Social Democrats. In his opinion, some of the expenses included in the budget rectification bill could have been phased out, such as the more than 6 billion lei for the National Rural Development Program, the VAT refund, the damages to be paid by the National Authority for Property Restitution or what he calls discretionary expenses.



    Cristian Socol also believes that revenues could have been increased if the National Agency for Fiscal Administration had boosted tax collection efforts by the end of the year. Beyond political disputes, the national bank’s chief economist Valentin Lazea warns of the risks caused by the pension increase, according to the legislation in force. He claims that the negative impact, which can already be felt, will result in a rise in the budget deficit, and considers that postponing the enforcement of the new pension law, a law passed by the former Social Democratic majority, would be a good option. (translation by L. Simion)

  • February 17, 2019 UPDATE

    February 17, 2019 UPDATE

    COUNCIL – On Monday, in Brussels, the Romanian Economy Minister Niculae Badalau will chair the first meeting of the Competitiveness Council (COMPET) held under the Romanian Presidency of the Council of the EU. The meeting will host an exchange of opinions regarding the process that would provide an overall image of the single market and a public debate on the impact of artificial intelligence on the EU industry. For the first time, the Council will adopt conclusions regarding the promotion of artificial intelligence development and use.



    EBRD – The Romanian Finance Minister Eugen Teodorovici has been elected Vice-President of the European Bank for Reconstruction and Development (EBRD), for a term that starts in May and ends in 2020. Teodorovici has obtained one of the two offices of vice-president, alongside the Lithuanian Finance Minister. The new president-elect of the board of governors will be the Spanish Finance Minister. Romania, through minister Teodorovici, is holding both the presidency of the Economic and Financial Affairs Council and of the board of governos of the European Investment Bank, under the Romanian presidency of the Council of the EU.



    BANK TAX – The chief economist of the National Bank of Romania, Valentin Lazea, says that the tax on bank assets, imposed under an ordinance passed recently by the Romanian leftist government, might bring the profitability of the banking sector in Romania below the European average. Lazea believes that, if this happens, some banks might decide to leave the country. As regards authorities intention to diminish or redefine ROBOR, the Romanian Interbank Offer Rate, the central bank chief economist believes that this will not prevent banks from resorting to measures that would allow them to keep a certain level of their already diminished profitability. According to Lazea, Romania has to choose between a powerful and profitable banking sector, a provider of capital for investments, or a weak one, which only fuels consumption, and not development.



    FAC – On Monday, the Romanian Foreign Minister Teodor Melescanu will attend the Foreign Affairs Council in Brussels. The agenda of the EU foreign ministers meeting will include current issues such as Ukraine, Syria, the Horn of Africa and Venezuela, according to a release issued by the Romanian Foreign Ministry in Bucharest. On the sidelines of the meeting, the Romanian foreign minister will attend a working brunch on Ukraine, organized by his Danish counterpart Anders Samuelsen, with the Ukrainian foreign minister Pavlo Klimkin as the main guest .



    EMPLOYMENT – More than 10,000 notices of employment or posting were issued last year for foreigners coming to Romania to work, mostly from Vietnam, Turkey, Sri Lanka and China. According to the General Inspectorate for Immigration, more than 120,000 foreign citizens were registered in Romania at the end of last year, more than half of them from non-EU countries. For this year, the Romanian Government has approved a contingent of 20,000 workers newly admitted on the Romanian labour market. According to authorities, the decision was made taking into consideration Romanias economic development potential and the need to provide the necessary workforce for certain sectors of the economy and also to prevent illegal labour.



    BERLINALE – The short reel Blue Boy, produced by the Argentinean Manuel Abramovich, with the Romanians Catalin Cristutiu as film editor and Bogdan Georgescu as creative producer, has received the Golden Bear for best short reel at the 69th Berlin International Film Festival. The feature film Monsters, directed by the Romanian Marius Olteanu has received the Tagesspiegel Readers Jury award. The film is Marius Olteanus debut film, and was selected for the Forum section, dubbed the most daring section of the festival. It tells the story of two young people, married for eight years. The film follows them 24 hours, exploring the way in which a string of events and encounters pushes them towards the end of their relationship. The Golden Bear went to the film Synonymes by the Israeli director Nadav Lapid. In 2018, the best film award was won by Touch me not, by the Romanian Adina Pintilie, which also got the award for best debut.



    TENNIS – On Monday, the Romanian tennis player Simona Halep will climb to the second position in the WTA rankings, despite the match she lost on Saturday to the Belgian Elise Mertens, in the final of the Doha tournament. Halep lost her no.1 position after the Australian Open, falling to no 3. Next she will take part in the WTA tournament in Dubai, with 2.828.000 dollars in prize money. Another Romanian player, Mihaela Buzarnescu, will also take part in the Dubai tournament in the United Arab Emirates. In another development, on Sunday, the mens pair made up of the Romanian Horia Tecau and the Dutch Jean Julien Rojer lost the final in Rotterdam, the Netherlands, to the pair Jeremy Chardy (France)/Henri Kontinen (Finland).