November 21 (SeeNews) - Romania's government could approve the 2018 budget draft on November 29, the leader of the governing Social Democratic Party (PSD), Liviu Dragnea, said on Tuesday.
"I remember that this year the parliament adopted the budget very quickly. If the draft is approved by the government on November 29, the days that will follow will be days of amendments and discussions in the committees," Dragnea said in a statement broadcast by local TV station Digi 24.
After receiving approval from the government coalition comprising PSD and their junior partner centre-right Liberal-Democrat Alliance (ALDE), the budget draft will be submitted to parliament for approval. Once it passes in parliament, the budget must be endorsed by president Klaus Iohannis.
The budget for 2017 was endorsed by president Iohannis in February, despite his concerns it is too optimistic. The budget bill was built on
of 5.2% economic growth and deficit equivalent to 2.99% of gross domestic product (GDP).
The latest government estimates is even more optimistic, betting on 6.1% economic growth in 2017 and budget deficit equivalent to 2.96% of GDP.
In 2016, Romania's economy expanded by 4.8%.
Earlier this month, the European Bank for Reconstruction and Development raised its expectations for Romania's economic growth to 5.3% in 2017, but warned that the government may not meet its budget deficit target.
In October, the International Monetary Fund (IMF) said that Romania's real GDP growth rate is projected to reach 5.5% in 2017 before it falls to 4.4% in 2018.
(1 euro=4.6551 lei)