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Romania To Revise State Budget After Talks With IMF, In May-June

Romania’s Government will operate this year’s first state budget revision toward the end of the first half of the year, in May or June, after talks with the IMF mission, scheduled for late April, people close to the matter told MEDIAFAX Saturday.
Romania To Revise State Budget After Talks With IMF, In May-June
27 mart. 2010, 16:16, English

The budget revision will reassess budgets of public institutions in ratio to how much of their budgets has been spent until that date.

„The Government is waiting for the IMF mission to discuss the budget and a potential revision ill not occur sooner than May or even June,” the sources said.

A new mission of the International Monetary Fund will arrive in Bucharest late April or early May to assess Romania’s compliance with the terms set under a EUR13 billion loan package and analyze the country’s quarterly performance regarding its budget deficit.

Romania and the IMF signed a EUR13 billion loan agreement last year, part of a wider package which includes funds from the European Commission, the World Bank and other lenders.

Romania’s consolidated budget posted a deficit of 1.1% % of the gross domestic product in the January and February, amounting to 5.8 billion lei (EUR1=RON4.0682). Total revenue to the consolidated budget fell 3% on the year to RON25.2 billion end-February, while expenditure rose 5.8% to RON31 billion, the Finance Ministry said earlier this week.

Under the standby arrangement, Romania pledged to bring its budget deficit down to 5.9% of the gross domestic product in 2010, from a gap of 7.2% of GDP a year earlier.