EXCLUSIVE: Romanian Local Authorities Can't Make New Investments If Old Projects Not Finished

Romanian local authorities will be forbidden to finance new investment projects if they did not ensure funds to complete projects that have already been started, according to the final form of the country’s 2011 draft state budget, obtained by MEDIAFAX.

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The document reads that local authorities will be compelled to first finish investment projects that missed completion deadlines before making new investments.

Collateral projects that concern direct investment projects carried out through non-reimbursable external funds are not targeted by the act.

The draft budget will be approved by the Government and will be forwarded to the Parliament.

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