President Klaus Iohannis signs 2015 budget bill

President Klaus Iohannis signed on Monday the two bills for 2015’s state budget and social insurance project, after the Constitutional Court rejected an appeal on the former’s possible unconstitutional status.

According to the presidential administration, the president signed the degree for the State Budget and the decree for the Social Insurance project on Monday. Earlier in the day, the Constitutional Court rejected a notice from PNL that claimed the budget draft was unconstitutional, given that it lacked a fiscal strategy and it was sent to the Parliament after November 15.

The Court said that “these criticisms cannot be considered  violations of the Constitution”.

The 2015 budget is based on a 2.5 percent economic growth, an average inflation rate of 2.2 percent and an unemployment rate of 5.1 percent, as per the negotiations between the state authorities and their international financial backers, the IMF and the European Commissions. GDP is estimated at RON 709.681 million.

The revenues of the 2015 consolidated general budget total 31.9 percent of GDP, expenditures — 33.7 percent of GDP and the cash budget deficit is 1.83 percent of GDP. The expenditures in 2015 for investments amount to RON 44.76 billion, RON 8.7 billion more than in 2014, representing some 6.3 percent of GDP.

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