Romania Jan-Feb Budget Gap At 1.1% Of GDP

In January, the Romanian budget posted a slight surplus of 0.003% of GDP, or RON15.3 million.

Total revenue to the consolidated budget fell 3% on the year to RON25.2 billion end-February, while expenditure rose 5.8% to RON31 billion, the ministry said.

Romania and the International Monetary Fund agreed on a deficit target of RON31.9 billion in 2010.

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The country’s budget deficit is estimated at RON8.25 billion after the first quarter.

Romania and the IMF agreed last spring on a EUR13 billion standby 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 standby arrangement, Romania pledged to bring its budget deficit down to 5.9% of the gross domestic product in 2010, from a gap of 7.2% of GDP a year earlier.