Progress Report on Fiscal Policies September 18 - 25, 2017
 On September 19, FinMin Ionuț Mișa announced that the Government plans to elaborate a draft bill to compel private companies to increase their employees’ gross salary. The measure aims at avoiding situations where employees’ salaries would be reduced after the transfer of contributions from employer to employee starting with January 2018.  


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Progress Report on Fiscal Policies September 11 - 18, 2017
On September 13, the Government approved the first budget adjustment for 2017 (currently in Parliament, registered with the Senate, first notified legislative body). A press release issued by the Government, informs that 5.8% economic growth determined a RON 21.9 bln GDP increase (currently at RON 837.1 bln), while the budgetary deficit keeps at 2.96% of the GDP.


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Progress Report on Fiscal Policies September 5 - 12, 2017
On Friday night (September 8), the Ministry of Public Finances released the Draft Emergency Ordinance on the adjustment of the general budget and social insurance budget for 2017. The rather late release of the two draft Emergency Ordinances followed the press conference held by FinMin Ionuț Mișa. During this conference Mișa announced that the budget adjustment is positive and that it took into account the revision of the estimated economic growth from the initial 5.2% to 5.6%.  


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Progress Report on Fiscal Policies August 29 – September 5, 2017
Following the previous debacle concerning the Pensions’ Pillar II, Prime Minister Tudose presented 3 options: “Keep it as it is and only to change the commissions charged today by the private administrators – because, I repeat, they are exaggerated – the second variant to diminish the share of contributions to Pension Pillar II in favor of Pillar I and the third one – make it optional. They are to be presented by the Ministry of Finance when they will be ready (…) Next week, we will have the simulations completed,” Tudose said in a TV interview.  


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Progress Report on Fiscal Policies, August 21 – 29, 2017
The main story of the last week’s financial overview is Government’s alleged plan to transfer part of the contributions from the mandatory private pension funds (Pillar II) to the public pension system (Pilar I), reducing the contributions to the second pillar from 5.1% to only 2.5%. According to economic publication Profit.ro quoting governmental sources, the plan was announced by FinMin Mișa during a meeting with the representatives of the Professional Association of the Private Pension Managers (APAPR) and is set to be enforced starting next year.  


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