IMF Says Flexible About Romania Budget Deficit

The International Monetary Fund is flexible regarding Romania’s budget deficit, but the deficit size is limited by the amount of financing available on foreign markets, IMF mission head Jeffrey Franks said Monday.

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Franks said Romania is struggling to emerge from the world's worst economic crisis in decades and its position is limited by the funds it can borrow on both local and international markets.

Romania and the IMF agreed on a budget deficit target of 4.4% of the gross domestic product in 2011, from a gap of 6.8% of GDP estimated this year.

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