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    BUCHAREST, (2 dec 2010)

    Romanian Fin Min says 2011 Budget To Provide More For Investments, Cut Social Spending

    Romania can’t draft a budget with just wage payment and social spending in mind and the budget philosophy for 2011 is to earmark as many funds as possible for investments and co-financing, Finance Minister Gheorghe Ialomitianu said Thursday.

    Romanian Fin Min says 2011 Budget To Provide More For Investments, Cut Social Spending

    "The budget philosophy for 2011 is this: as much money as possible for investments and co-financing. Romania can't draft a budget just for the payment of salaries and social aid," the minister said on the sidelines of a seminar organized by the European Commission's Romanian office and the Romanian Center for European Policies.

    The minister said social spending is at 69 billion lei (EUR1=RON4.2842) from a total RON200 billion in budget expenses.

    "The Romanian Government has made a clear decision to rationalize social spending. The labor minister is in charge of reducing social spending, which is currently a big part of the general consolidated budget," said Ialomitianu.



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