The budget deficit made public by the minister is significantly lower than the one set forth in the first format of the government program, published on Tuesday that indicated a 2.5% budget deficit of GDP for next year.

However, the designated Prime Minister, Emil Boc said on Tuesday that the government plan would likely take into account a 3.5-4% budget deficit of GDP in 2009.

“We aim at cutting the budget deficit, from nearly 4% (of GDP) this year,” Pogea told Reuters.

“We will massively cut the wasteful spending and will endorse investment-related expenses”, he added. Pogea added that the new Government, who would probably be validated by the Parliament on December 22, aims at including Romania in the investment grade category within six months.

“We must restore investors’ confidence in the Romanian economy” said the designated minister of Finance, NewsIn informs.