Romania Complied With IMF Requirements In '10 - Fin Min

Romanian Finance Minister Gheorghe Ialomitianu on Monday said the International Monetary Fund and the European Commission appreciated Romania’s results under the stand by agreement, adding value added tax revenue covered arrears and kept the budget deficit within agreed margins.

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"These are very good results, appreciated by the IMF and the European Commission. The VAT results are good. VAT collected allowed us to pay arrears and stay within the 6.5% [of the gross domestic product] deficit target," Ialomitianu said Monday.

Collections of VAT, excise duties and non-fiscal income had the largest impact in the of raise of budget revenue in 2010, helping offset the lower collections from the personal income and corporate taxes, as well as from social security contributions.

In 2010, the budget gap was at 33.3 billion lei (EUR1=RON4.2571), namely 6.5% of the gross domestic product, according to preliminary data from the Finance Ministry. The target agreed with the IMF was RON34.6 billion.

For this year, authorities forecast a budget deficit of 4.4% of GDP.

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