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IMF backs Romania plan to relax 2010 deficit targetUpdated: 25-07-2010 | Financial and Banking

The International Monetary Fund on Friday said it supported Romania's proposal to relax the 2010 deficit target. In its annual review of Romania's economy, the IMF applauded Romania's efforts this year to put its fiscal house in order under an IMF-supported bailout package, forecasting a pickup in growth to 3.5 percent in 2011. An IMF mission is to visit Romania between July 26 and August 4 to assess the country's performance under the 20 billion euro bailout. Finance Minister Sebastian Vladescu said on Friday the authorities will stick to a previously agreed budget deficit target for 2010 in the talks.

"(IMF) directors supported the proposed relaxation of the 2010 deficit target to accommodate the cyclical deterioration in the fiscal position since the last review," the IMF said in a statement.

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