Finance Ministry keeps purse strings tight

The general consolidated budget deficit had come to total 14,670bn ROL in the first 11 months of last year, accounting for 0.8% of GDP and for about half of the deficit in the same time in 2002, the Finance Ministry announced. The deficit in November rose by 0.1% of GDP compared with first ten months. The cap the Government set for the budget deficit in 2003 is 2.7% of GDP and the level attained in the first 11 months accounts for 28.4% of the projected target. The Finance Ministry says the low deficit was due to the over 3,000bn ROL decrease in the spending on the interests on the public debt and by the faster speed of revenue progress against expenses. The budgetary revenues throughout January-November amounted to 513,707bn ROL, up 27.9%, while expenses amounted to 528,577bn ROL, up 22.7%. State budget deficit rose by some 6,500bn ROL to 17,655bn ROL in November. The social security budget moved from a 2,105.9bn ROL deficit to a 391.7bn ROL excess. ZF