IMF: Romania May Reduce Social Security Taxes If It Guarantees Budget Gap Below 3% In 2012

Publicat: 27 04. 2011, 19:56
Actualizat: 24 05. 2020, 00:59

The Government has committed to curbing the budget deficit to 4.4% of the GDP this year, from 6.5% last year.

The draft fiscal-budgetary strategy for 2012-2014 says the Government will reduce social security contributions by two percentage points in the second half of 2011.

In March this year, Romania and its international partners agreed on a EUR5 billion follow-up precautionary deal that will end in 2013. Joint teams from the IMF, the EU and the World Bank will be in Bucharest until May 9 for the first review of the follow-up agreement.