27. 10. 09. - 09:00

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27. 10. 09. - 09:00

Romania has budget deficit below the IMF cap

Romanian Times

Romania’s consolidated budget posted a six billion Euro (25.56 billion lei) deficit, or 5.1 per cent of the gross domestic product (GDP), in the first nine months of 2009.

The Finance Ministry announced the news yesterday (Mon), adding that consolidated budget revenue had been 27.5 billion Euros (115.77 billion lei), down 6.7 per cent year on year.

The deficit is 40 per cent wider than in the same period of 2008.

Budget revenue accounted for 23.3 per cent of GDP, while expenses stood at 28.4 per cent of GDP in the first nine months of 2009.

The budget deficit was below the limit of of 6.4 billion Euros (26.9 billion lei) agreed upon with the International Monetary Fund (IMF).

Romania secured 19.95 billion Euros of financial aid from the IMF, the European Union and other international institutions earlier this year to cope with deepening recession.

The agreement between Romania and the IMF fixes quarterly performance criteria for this year's budget deficit, which needs to be lower than 7.3 per cent of GDP at the end of December.

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