2010 and 2011 will be tough years, Finance Minister warns

Judging by the current budget, not only 2010 but also 2011 will be difficult years, Sebastian Vladescu, the Minister of Finances, said.

“We have a budget with two extremely unpleasant characteristics for Romanian citizens: the total budget’s weight in the gross domestic product (GDP) is at the lowest European level and we have excessive expenses,” Vladescu said. Salary expenses are over 9 percent, when they should be 7 percent, he explained.

As far as the European funds are concerned, there is a budget that has been allocated for the entire sum necessary for co- financing the year 2010, so from the point of view of the Ministry of Finances there is no risk that European funds cannot be attracted for lack of resources, Vladescu assured.