FinMin says budget revision around 26-27 Nov; to take into account 4pct deficit

The budget revision for 2019 will be made in the last week of November with a 4 percent deficit, Finance Minister Florin Citu stated on Thursday evening. 

"The budget revision for 2019 will be around 26 November, 27 November, thus, in the week before 30 November, in the first part of that week. This revision will have a 4 percent deficit. This is why I wanted to be very honest and tell everyone, the international market as well, so that everybody knows what is the situation at the moment and then, in one week and a half, I will have even more details about solutions," Florin Citu stated at private broadcaster Digi 24. 

The Finance Minister mentioned that around 15 December, the Government would also complete the draft Budget for 2020. 

"I am trying to bring the draft Budget for 2020 before 20 December, thus, around 15 December, we shall come to Parliament so that it can be debated on and approved," Florin Citu stated. 

When asked whether there would be money for investments in 2020, taking into account that the deficit must be covered, the Finance chief argued that the budget for 2020 would be built on major projects, "which we can also do." 

He added that this administration also shows a different attitude regarding the private sector, foreign and Romanian investors, but also regarding entrepreneurs, having a very good relationship including with the banking and financial system. 

"I hope this attitude, transparency, predictability will lead to foreign investments in Romania, because no matter how we try and how much money we put in the budget we will never develop only with the money from the budget. We need a powerful private sector (...) the engine doesn't come from consumption through money from the budget, but through investments, allowing the private sector to develop," Finance Minister Citu also said.