Romanian Govt Adopts Austerity Plan

Romania’s Government adopted Sunday evening the two draft laws which make up its austerity plan, cutting public sector salaries, pensions and social welfare benefits.

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The Government will seek a confidence vote in Parliament for the two draft laws. One concerns budget expenditure cuts and the other regulates the new contribution-based pension system and reevaluating disability pensions.

Romania has pledged to bring its budget deficit to 6.8% of GDP under the terms of a EUR20 billion IMF-led rescue loan agreed last year.

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