🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Romania makes all state finances public to deter graft

Published 11/03/2016, 14:52
Updated 11/03/2016, 15:00
© Reuters. Romania's Prime Minister Ciolos addresses news conference in Berlin

BUCHAREST (Reuters) - Romanians now have full access to the revenue and spending data of state institutions in move which could help fight corruption, the country's prime minister said on Friday.

Romania is perceived as one of the European Union's most corrupt member states and Brussels keeps its justice system under special monitoring together with neighbouring Bulgaria.

A programme launched by the finance ministry on Friday now makes available monthly budget execution data for the country's roughly 17,720 state institutions, including parliament, ministries, city halls, schools and hospitals.

"Any citizen, company and taxpayer can now see how public funds are distributed and how they are spent by local, county or central administration," Prime Minister Dacian Ciolos told reporters.

"This transparency... should remove risks of fraud or corruption, because what money is being spent on and how much one investment or another costs will become much more transparent."

Anti-corruption prosecutors in Romania have been cracking down on high-level graft, gaining praise from Brussels, while the tax authority has also stepped up efforts to improve collection.

Criminal inquiries into ministers, lawmakers and mayors have revealed overpriced public works contracts awarded in exchange for bribes, tax evasion, fraudulent handling of EU development funds and subsidies.

Prior to the disclosure programme, which was financed with EU development funds and took three years to implement, budget data was reported to the finance ministry and central administration, making access more complicated.

The programme introduces automated checks of budget data and in case of irregularities stops institutions from making treasury payments until they address the issues, which works as an incentive for budget reporting discipline.

© Reuters. Romania's Prime Minister Ciolos addresses news conference in Berlin

Finance Minister Anca Dragu said state companies as well as public works contracts will be loaded into the scheme within four months.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.