Ion Chicu presented report about financial condition of Moldova in these days

Former Finance Minister Ion Chicu presented a brief report on the state's treasury after the Filip government gave up on power.

Specifically, Chicu presented in a post on his Facebook page information about the main indicators that characterize the public finance system on June 14, 2019.

"Last night I sent my successor to the head of the public finance system, Ms. Natalia Gavrilita, informing her about the 'legacy' I leave, I want to give you a brief account of the main indicators that characterize the system on 14 June 2019 .

1. Money resources in MF bank accounts - 3.27 billion MDL

2. All payment orders submitted in the Treasury up to May 31 were fully funded - so there is no payment arrears.

3. The vast majority of staff and social expenses (pensions, allowances) for May have already been paid (1.34 billion lei salary, 475 million lei - BASS transfers)

4. BPN revenues outstrip those of 2018 as follows:

- The state budget - more than 1,137 billion lei, ie 107.7%
- BASS (own receipts) - more than 354.6 million lei, ie 106.5%
- FAOAM (own receipts) - more than 350 million lei, ie 120%
- Local budgets - more than 21 million lei, or 101.3%.

5. The updated forecast of GNP revenues (without grants) for 2019 indicates an increase from the planned figure of about 500 million lei. The forecast largely ignores the 4th quarter, when the 2019/2018 fiscal stances will be the same, ie the revenue outflow even more pronounced.

6. The budget deficit of about 3.5 billion MDL (the rest are investment projects with an external financing source, ie they have no direct impact on the budget's ability to finance planned expenditures) is to be financed from the budget sources from placement of SS - 1.57 billion MDL (as of 14 June the net financing is about 710 mln.lei, ie exactly according to the annual chart), from the IMF tranche (the evaluation mission was due to come to Moldova on June 20) World - DPO 3, EU assistance, sources from privatization, and other nonessential sums. All these means can be accessed during the year, as the financial and economic conditionality is largely met or achievable in a short time.

7. In addition, the planned deficit in the budget law can be significantly reduced and by rectifying some non-priority expenditure (this year we have not authorized, for example, the purchase of new cars, furniture, other goods and services) - or already have savings on more spending items.

8. The figures above clearly indicate that there is no "hole" in the national public budget, as has been the case for the last time. It is, of course, necessary to rectify / redistribute between the BPN components. The MoF has prepared the project.

9. Government debt as a share of GDP, as of May 31, 2019, is lower as compared to December 31, 2018 and December 31, 2017. And it is about 2.5 to 3 times smaller than in the neighboring countries.

10. The CBTM process, including the main fiscal policy initiatives aimed at further stimulating business development and growth (also envisages a further reduction of the tax burden on wage payments by the BASS and FAOAM contributions by another 3 percentage points) ), is at the completion stage.

That being said, I want to thank you, Dear Friends, for the communication we had through this page. I have followed carefully and have taken your comments with serious consideration to the information posted. I also have to admit that I really liked your likes!

Having said that, I wish you all health and success in all, and our country - peace and prosperity, "said former Finance Minister Ion Chicu.

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