Romania, IMF Set 2010 Budget Gap Target At RON32B

Romania and the International Monetary Fund agreed on a deficit target at the general consolidated budget of 31.9 billion lei (EUR1=RON4.1224) in 2010, according to the supplementary letter to Romania’s standby arrangement with the IMF.

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Romania's budget deficit is estimated to reach RON8.25 billion after the first quarter and RON15.54 billion by mid-year, according to the letter, which was signed by Romanian and IMF officials in February.

In September, the budget gap is seen widening to RON21.8 billion.

The letter also sets the revenue and primary expenditure targets for 2010 at RON161.8 billion and RON131.3 billion, respectively.

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.

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