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Romanian Fin Min Sees ’09 GDP Growth Between -1% And 1.5%

Romanian Finance Minister Gheorghe Pogea said Thursday, after meeting the IMF representatives, that he currently sees the economic growth between -1% and 1.5% in 2009, compared with the 2.5% GDP growth on which this year’s budget is based.
Romanian Fin Min Sees '09 GDP Growth Between -1% And 1.5%
12 mart. 2009, 13:23, English

He added that all international financial institutions revised their forecasts three times in the last months, due to the financial crisis effects that ask for frequent adjustments.

Pogea also said an accurate estimation on macroeconomic indicators is very important during these times in order to adjust the budget expenses to match the available revenues.

Romanian authorities are currently negotiating a financial package with the European Commission and the International Monetary Fund to cover the country’s external deficit.

Government sources said Tuesday that Romania plans to borrow about EUR19 billion, following an evaluation by the Finance Ministry and the central bank. The financial package would include a EUR12 billion loan from the IMF, and EUR7 billion in financing from the E.U.