Romania To Make First Budget Revision For 2010 In July

In 2009, the eastern European country secured a EUR20 billion loan package from the International Monetary Fund, the EU and other international lenders to cope with the effects of the recession and aid the economy.

According to Borbely, Romania could ask for a new loan this year, depending on the economic performance during the first year-half.

Early June, Finance Minister Sebastian Vladescu said the mid-year budget revision would include a series of austerity measures adopted recently, which entail a 25% wage cut in the public sector and 15% lower pensions and other social benefits.

The budget revision will also include reduced spending with goods and services in the public sector, Vladescu said.