Govt. to reschedule debts

Rescheduling of the debts that private or state-owned companies hold to the state budget will be the task of the Finance Ministry only up to a ceiling of 100 billion lei. According to an Executive decision draft meant to modify Government Ordinance number 11/96, demands exceeding this figure will be dealt with by the Executive.

“The decision draft will be submitted to the Government right after we receive the approval of the Competition Council,” Finance minister Decebal Traian Remes told Ziarul Financiar.

Remes says that the new Government decision will make rescheduling more transparent, as competence to grant payment facilities is reconsidered.

According to this decision draft, payment facilities can be granted for debts to the state budget that have not been paid in time. Consequently, territorial departments of public finances and state control will be allowed to postpone and reschedule budget debt payment only up to the amount of one billion lei. Budget debt payment can be postponed for at most three months but rescheduling goes up to two years.

Competence of the General Department of Public Finances and State Financial Control in Bucharest stops at three billion lei, while the Customs General Department is confined to five billion lei.

At the same time, the Finance Ministry, through its public debt department, is entitled to grant payment delays or to reschedule debt of maximum 100 billion lei. Remes said that all payment facilities would be established by committees that are going to be created at every competence level.