EXCLUSIVE: Romania Ups ‘10 Primary Spending Fcast, Cuts Revenue Estimate

Romania's Government revised upward its estimate on primary spending to 131.5 billion lei (EUR1=RON4.2821) this year, from RON130.9 billion previously, according to the additional letter of intent to its International Monetary Fund deal.

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The letter, obtained by MEDIAFAX, noted the government also revised down this year's revenue forecast to RON158 billion, from RON159.6 billion initially estimated.

The government's primary spending reached RON66.97 billion in the first half of the year, above the RON66.2 billion level agreed with the IMF.

Romania and the IMF agreed last year on a EUR13 billion stand-by loan, as part of a EUR20 billion package that also includes funds from the European Commission, the World Bank and other international lenders.

Under the agreement, Romania pledged to reduce the budget deficit to 6.8% of the gross domestic product (RON34.65 billion) in 2010, from 7.2% of GDP a year earlier.

End-July, the country's budget gap stood at 3.9% of GDP (RON20 billion).

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