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Moldovan Parliament adopts in second reading amendments to the Law on 2022 State Budget, increasing its revenues, expenditures and deficit.

Moldovan Parliament adopts in second reading amendments to the Law on 2022 State Budget, increasing its revenues, expenditures and deficit.

In particular, as part of the adjustment of the state budget for the current year, its revenue side was increased by 2 billion 634.9 million lei (+5.3%) - from 50 billion 066 million 602.7 thousand lei to 52 billion 701 million 472 thousand lei and expenditure side - by 6 billion 884.9 million lei (+10.6%) - from 65 billion 202 million 602.7 to 72 billion 087 million 472 thousand lei. Accordingly, the budget deficit will rise by 4 billion 250 million lei (+28.1%) from 15 billion 136 million lei to 19 billion 386 million lei and will amount to about 7.1% of GDP. The state budget deficit is to be covered both from external and internal sources. Changes to the state budget-2022 were necessary to mitigate the negative impact of the energy and refugee crisis on the population, state institutions and economic agents. The main changes in revenues include an increase of initially planned taxes and fees by 1 billion 273.2 million lei (+2.7%) to 47 billion 942.4 million lei and an increase of grant revenues 1.9 times to 2 billion 453.7 million lei. Other revenues will rise by 221.1 million lei (+10.7 per cent) to 2,283.6 million lei and the amount of transfers between the state budget and local budgets will increase by 28.2% to 21.8 million lei. It is expected that inflows of foreign credits to support the Moldovan budget in 2022 will increase by 5 billion 449 million lei (the equivalent of $288.8 million) and loans for projects financed from foreign sources - by 3 billion 196 million lei. The most significant increase in expenditures was registered under the following headings: "social protection" (+2.45 billion lei); "general public services" (+2.007 billion lei); "economic services" (+1.185 billion lei); "education" (+738.2 million lei). According to the updated macroeconomic forecast, the GDP growth forecast was reduced from 4.5% to 0.3%. The inflation rate is expected to be 15.7%. Exports are projected to rise by 4.5%, imports - by 6.9%, the growth of average wages in the economy - by 15.1%. According to the estimates of the Ministry of Finance, the share of public debt in GDP by the end of 2022 will not exceed 37.3%, the balance of public debt as of December 31, 2022 will not exceed 102.1 billion lei. // 05.05.2022 - InfoMarket

News on the subject

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Gazprom has officially confirmed the volumes of gas contracted for deliveries to Moldova in May, the expected purchase price is $910 per 1,000 cubic meters.
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