World News

Romania’s president signs budget into law: PM

BUCHAREST (Reuters) – Romania’s president Klaus Iohannis on Monday signed the 2020 budget bill, with a deficit target of 3.6% of gross domestic product, into law on Monday, the prime minister said.

“We have a budget. We welcome president’s move to sign the state and the social security budget into law,” Ludovic Orban told reporters before a cabinet meeting.

The liberal minority government had fast-tracked the budget through parliament. Fast-tracking bills is quicker but leaves the government vulnerable to potential no confidence votes. No censure motion was filed by the opposition.

The government had revised its deficit target for last year to 4.4% of GDP, significantly above the European Union’s ceiling of 3%, as a result of underperforming budget revenue and higher social spending enforced by a previous leftist cabinet.

($1 = 4.2670 lei)

(Reporting by Radu Marinas)