Romania To Meet 1H Budget Deficit Target

„One could say we have met the deficit target for the first half, while the nominal targets for each quarter were not changed,” Dragoi said.

Romania pledged to cut the public expenditure and reduce the budget gap to 6.8% of the gross domestic product this year, from 7.4% of GDP in 2009.

After the first five months, Romania’s budget deficit stood at around 3.1% of the GDP.

Friday, the IMF approved the disbursement of EUR913 million to Romania, following the completion of the fourth review under the standby agreement.

Romania and the IMF agreed last spring on a EUR13 billion loan, as part of a larger EUR20 billion aid package that includes funds from the European Commission, the World Bank and other international lenders.

So far, Romania has received around EUR9.2 billion in IMF money.