Romania's 2012 Budget Needs New GDP Growth, Deficit Estimates – PM

Romania's Government has completed the draft of next year's state budget, but it will be sent to Parliament after the European Commission (EC) announces the economic growth forecast and after the budget deficit target is agreed upon with the IMF and EC, Prime Minister Emil Boc said Monday.

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On October 24, EC will announce the economic growth forecast for every EU member "revised following the latest developments on European markets," said Boc. After talks with the Commission and IMF, the Government will set the budget deficit target for next year.

"Without these two macroeconomic indicators we cannot send the budget to Parliament. We have completed a draft of the budget, but using the indicators agreed upon this summer with the IMF and EC, which are revised all over Europe," said Boc in a meeting with democrat liberal senators.

The law says the draft budget for the following year must be sent by the Government to Parliament by October 15 every year. The Government announced earlier that the budget will be finalized after talks with IMF and EC experts, due to arrive in Bucharest next week.

The Government's estimate for growth this year is 1.5% and 3.5-4% for next year.

IMF mission chief Jeffrey Franks said recently that the IMF will revise the forecast for next year to 2%.

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