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Romania’s Govt Might Lower Expenses In ’08 Budget By March – Fin Min -2-

Romania’s government might approve by March a budget revision that would lower the expenses in the general consolidated budget, Economy and Finance Minister Varujan Vosganian said Tuesday.
Romania’s Govt Might Lower Expenses In ’08 Budget By March – Fin Min -2-
29 ian. 2008, 15:09, English

Vosganian said that a budget revision with lower expenses is necessary to counter the foreign negative influence on this year’s economic growth.

Vosganian said the government would send a letter to the European Commission with a series of measures that aim at keeping the deficit under control in 2008.

"Our objective is to meet the Maastricht criteria,” Vosganian said in a press conference.

The European Commission said in a report Romania’s budget deficit would reach 3.2% this year, if the government doesn’t change its strategy.

But Prime Minister Calin Popescu Tariceanu said during the same press conference the Government will use at its maximum the budget deficit limit of 3% of gross domestic product in order to finance the projects of developing the infrastructure, the environment and agriculture, in order to reduce the gaps between Romania and the other member states.

According to the Romanian authorities, the budget deficit in 2007 stood at 2.4% of GDP.

In 2006, Romania’s budget deficit, according to the European System of Accounts, stood at 1.9% of GDP, compared with the 1.7% of GDP calculated by the Romanian authorities.