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Without a falling trend in public spending and without a leaner public sector keeping the government deficit below 3pct will not be possible, Bogdan-Octavian Cozmanca, deputy chair of the Fiscal Council, warned on Thursday at a specialist seminar.
The Ministry of Public Finance (MFP) announced on Tuesday that the implementation of the aggregate national budget ten months into 2019 shows a deficit of 2.8pct of GDP (28.83 billion lei), as receipts amount to 261.1 billion lei, representing 25.3pct of GDP, for outlays of 289.9 billion lei, or 28.1pct of GDP.
"Outlays in the aggregate national budget decrease by 2,090.6 million lei, while and the deficit in the aggregate national budget in cash terms increased by 16,266.3 million lei. The estimated 2019 government deficit would be 4.3pct of the GDP," according to the grounds provided for in a draft ordinance on budget revision this year.
The University of Economic Studies (ASE), the Fiscal Council and the Romanian Society of Economics organised on Thursday a seminar on budgetary responsibility and macroeconomic equilibria.
