Romania Fin Ministry To Refinance Local Debt Worth RON17B In 2011 – Survey

The country’s budget deficit is estimated to reach RON31 billion next year and it could widen by an additional 1% unless the government pays its arrears by end 2010, the survey noted.

Romania’s public debt fell to RON177 billion in June from RON178.3 billion a month earlier, equal to 34.66% of the gross domestic product. The bulk of the public debt (43.44%) was in local currency.

End-June, government general arrears stood at RON2 billion, double the half-year target agreed with the International Monetary Fund under a two-year standby financing program.

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Romania pledged to bring its government arrears down to RON480 million by year-end and eliminate them altogether by the end of the IMF program in 2011

IMF mission chief to Romania Jeffrey Franks said recently the fund was concerned about the size of government arrears, adding that they affect the private sector and hinder economic revival.