Romania’s Govt Plans New Budget Revision This Summer

By this law draft, the Government asked the Parliament approval to issue ordinances on the financial, social, public administration and interior, transports, health and agriculture fields, inclusively a new budget revision.

The Government revised the 2009 budget after the loan agreement inked with the IMF and the European Commission. Now, it sees a 4% GDP contraction, compared with a 2.5% economic growth in the initial version.

Romania agreed end-March with the International Monetary Fund, the European Union and other international institutions a EUR19.95 billion financial package, supported by a EUR12.95 billion IMF loan under a two-year standby arrangement.