Romania's 1H Budget Deficit At RON18.1B, Meets IMF Target

Romania's consolidated budget posted a deficit of 18.07 billion lei (EUR1=RON4.2476) in the first year-half, below the target agreed with the International Monetary Fund, the Finance Ministry said in a statement Tuesday.

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It said preliminary data showed the budget expenditure rose 4% on the year to RON95.3 billion in January-June period, while the revenue was at RON77.2 billion, 0.1% lower than in the same period a year earlier.

Under the terms of Romania's EUR13-billion agreement with the IMF, the budget deficit needs to be lower than RON18.2 billion at the end of June. The full-year deficit target was set at RON34.65 billion, or 6.8% of the estimated gross domestic product.

Romania last year secured EUR20 billion in funds from the IMF, EU and other international institutions to cushion the effects of the recession.

Joint teams from the IMF and EU are currently in Bucharest for the fifth review of Romania's progress under the program.

At the end of June 2009, Romania's budget deficit came in at RON14.4 billion.

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