By July 1, the deficit of Moldova’s State Budget had reached 746.6 million lei, which is practically equal to the figure, which was initially projected for the whole year – 979 million lei. However, last week, when the Law on the 2012 State Budget was amended, the deficit figure was corrected and became 906 million lei.
According to the Ministry of Finance, Budget revenues in January-June 2012 reached 8,936 million lei, which is 5.7% (535.3 million lei) smaller than projected, but 10% more than was in the equivalent period of 2011.
Main revenues to the Moldovan State Budget in 1H2012 marked 7,964 million lei (-2.6% against the projected figure). In particular, VAT short-receipts marked 332.8 million lei (6.8%), excises – 148.4 million lei (10.8%).
Revenues from external sources were 217 million lei – less than a half of what was projected for the first half of the year.
Expenditures exceeded 9,682 million lei, though it was 17% smaller than projected, but 4.5% more than in 1H2011.
As already reported by Infotag, last week the Parliament approved amendments to the 2012 Budget, which stipulated the reduction of both revenues and expenditures of the State Budget. The new Budget variant reads that revenues shall be 21,033 million lei (US$1,744 million), which is 334.2 million lei smaller than in the previous variant. Expenditures shall shrink by 425.2 million lei – down to 21,939 million lei, and the deficit shall be 906 million lei.
Minister of Finance Veaceslav Negruta substantiated the need for such amendments as following: the Budget is going to short-receive almost 900 million lei in revenues.
“Thus, the VAT on imports revenues will diminish by some 400 million lei. We are going to receive 260 million lei less in external assistance (this sum is going to arrive only in 1Q2013), and 95 million lei will fail to be collected in excises on alcoholic beverages and beer”, explained the finance minister.
In his words, extra revenues are going to come due to raising the cost of licenses for gambling business (40 million lei), licenses for rendering mobile telephony services (300 million lei) and registration of cars over 7 years old (125 million lei).
By the end of 2012, Moldova’s national debt should reach 20,481 million lei, which is 1,254 million lei more than in late 2011.