Romania's 8-Mo Budget Deficit At 4.5% Of GDP

Publish date: 28-09-2009
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Romania's consolidated budget deficit rose one percentage point in August, to 4.5% of the gross domestic product, the Finance Ministry said Friday. In nominal terms, the country's consolidated budget deficit rose to 22.3 billion lei (EUR1=RON4.2046) in the first eight months.

At the end of July, Romania's budget deficit stood at 3.31% of the GDP. In January-August, total revenue to the general consolidated budget stood at RON103.2 billion, while overall expenditure reached RON125.59 billion in January-August.

The country's consolidated budget deficit end-August took into account the revised GDP forecast for 2009 to RON497.3 billion.

The Finance Ministry state secretary Gheorghe Gherghina told Mediafax mid-September, citing preliminary data, Romania's consolidated budget deficit rose one percentage point in August, to 4.4% of the GDP.

The International Monetary Fund has agreed to allow Romania a budget deficit of 7.3% of the gross domestic product in 2009, higher than the 4.6% cap negotiated this spring, due to a deeper-than-expected economic decline.

Romania secured end-March a EUR19.95 billion financial aid from the IMF, the European Union and other international institutions to cope with the deepening recession. IMF granted Romania a EUR12.95 billion two-year stand-by loan, as part of the financial package.

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