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Romania’s 1Q Budget Deficit At 1.5% Of GDP – Fin Min

Romania’s consolidated budget deficit was at 7.925 billion lei (EUR1=RON4.1974), or 1.5% of the GDP, after the first quarter, lower than the maximum ceiling of RON8.3 billion agreed with the International Monetary Fund, the finance minister Gheorghe Pogea said Wednesday.
Romania's 1Q Budget Deficit At 1.5% Of GDP - Fin Min
29 apr. 2009, 16:03, English

The final data on the budget execution shows the deficit is lower than the previous forecast. Mid-April, Pogea said the budget posted a RON8.29 billion deficit, or 1.56% of the gross domestic product.

Budget revenues were worth RON38.06 billion, while spending was of RON45.98 billion in the first quarter, Pogea said in a press conference.

Public revenues fell 5.5% in the first quarter, compared with the same period of 2008, Pogea also said.

The agreement between Romania and the IMF fixes quarterly performance criteria on Romania’s budget deficit, which was agreed at RON24.36 billion, or 4.6% of the GDP for the whole of 2009.

Romania agreed end-March with the IMF, the European Union and other international institutions a EUR19.95 billion financial package, supported by a EUR12.95 billion IMF loan under a two-year standby arrangement.