Moldova's 2024 Budget passes first reading, despite opposition doubts
Moldova's parliament gave the green light to the 2024 state budget bill on Thursday, despite criticism from the opposition.
The bill, supported by the ruling Party of Action and Solidarity (PAS), projects a 1.3% increase in state budget revenues to over 66.6 billion lei. Expenditures, however, are slated to decrease by 2.2% compared to this year, reaching 82.2 billion lei.
This translates to an estimated budget deficit of 15.8 billion lei, or 4.6% of GDP. By the end of 2024, the projected state debt is expected to stand at 125.525.6 million lei, with 64.5% being external debt and 35.5% internal. Notably, the debt-to-GDP ratio will not exceed 37%.
Despite the passage, opposition parties voiced concerns about the bill. They expressed scepticism about the projected economic growth rate of 3.5%, while also criticising the planned increase in national public budget revenues by 4.4% to 107.17 billion lei.
In response, Minister of Finance Petru Rotaru cited the improving regional situation and various economic support policies as key drivers of the expected growth. He also emphasised the importance of improved revenue management in achieving the projected budget goals.
The bill now faces further debate and potential amendments before final approval in the second reading.
Translation by Iurie Tataru
