Loading ...The State Treasury might close the year 2008 on a surplus of RON 29.744 million, if the Ministry of Economy and Finance’s draft decision concerning the rectification of the Treasury’s budget passes.
Under the draft, revenues would increase by RON 170.059 million and spending by RON 140.315 million. State Treasury’s 2008 revenues might thus advance from RON 395.010 million to 565.069 million, which would be 43% up from the approved figures.
The bulk of the revenues is made up of revenues estimated to be derived from interest on benchmark treasury bonds to the tune of RON 120 million. H1 2008 collected interest revenues from benchmark treasury bonds stood at RON 59.171 million.
At the same time, revenues derived from the interest fees charged by the National Bank of Romania (BNR) on the balance of the State Treasury’s current account have increased to RON 16.700 million, on a rise in the balance of the general current account of the State Treasury opened with the BNR on behalf of the Ministry of the Economy and Finance in H1 2008 and on a 2.5-percent rise in the average BNR-discounted interest.
Thus, H1 2008 revenues collected were worth RON 127.801 million, RON 14,511 million over the projected RON 113.290 million, and the realization rate of the revenues in H1 2008 was 112.8% of the first-half and 56.4% of the entire 2008’s RON 226.580 million.
A RON 50-million increase in the revenues derived from interest on public debt financing and refinancing was the result of a rise in borrowings from the current account of the State Treasury for public debt financing and refinancing.
H1 2008 collected revenues stood at RON 93.128 million, up 26,978 million form a projected RON 66.15 million, with the realization rate standing at 140.8% for the first half and at 70.4% for the entire 2008’s RON 132.3 million.
The State Treasury’s total revenues collected in the first half of 2008 stood at RON 288.087 million, which were by RON 90.582 million more than the initially projected RON 197.505 million, having been 145.9% of the H1 2008 estimates realized and 72.9% of the approved annual projections of RON 395 million.
As far as the State Treasury’s spending is concerned, its expense appropriations would increase by RON 7.413 million. Because of the rises in prices for utilities, goods and services, office expenses would have to go up to RON 4.119 million; heat, electricity and other utilities to RON 2.213 million; post and telecommunications expenses to RON 2.253 million; materials and functional services to RON 299 million, other goods and services for maintenance and operation to RON 391 million.
The Treasury’s H1 2008 payments on benchmark treasury bonds totaled RON 65 million, which gives a total annual estimate of RON 120 million for 2008, commensurate with the revenues derived from the interest collected on such bonds.
Payments for deposits and cash kept in accounts opened with the State Treasury outlets would go up by RON 80.961 million on a rise in the volume of deposits and cash kept in accounts opened with the State Treasury outlets for which there is a legal bind to pay interest. Interest payments in the first six months of 2008 totaled RON 141.284 million, which is 52.8% of the total annual figures of RON 267.813 million approved for 2008.
As regards transactions in relation to the public debt and government borrowings, H1 2008 payments stood at RON 207.051 million, having been performed 61.3% of annual appropriations worth RON 337.952 million.
The State Treasury’s total H1 2008 expenses stood at RON 222.760 million, or 56.4% of the RON 395.010 million approved for the entire year 2008.
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