First-half budget gap at 2.7% of GDP

Romania’s budget deficit stood at 2.7% of GDP in first six months this year, according to preliminary data, below the agreed cap with International Monetary Fund of 2.73% of GDP, minister of finance, Gheorghe Pogea said.
State revenues in first half amounted to 77.23 bn lei, while expenses amounted to 91.65 bn lei, the minister said.

The budget deficit reached 14.42 bn lei at the end of June, slightly below the agreed cap of 14.51 bn lei with IMF, according to a preliminary report. The final data on the budget performance in first six months will be made public on July 25.

On Tuesday, the secretary of state in the Ministry of Public Finance, Gheorghe Gherghina said the general consolidated budget gap reached 2.1% of GDP in first five months, but the preliminary data for June showed that the agreed cap with IMF for end of first half would not be exceeded.

Romania has agreed with IMF to contain the budget deficit in certain quarterly target ranges, as to stay below 24.36 bn lei (4.58% of GDP estimated at 531.25 bn lei for 2009) at the end of December.

For the end of second quarter the IMF and Romanian authorities agreed on a budget deficit target of 14.51 bn lei (2.73% of GDP), and for the third quarter of 18.61 bn lei (3.5% of GDP).

Pogea said recently in an official statement that Romania’s First-quarter budget deficit came in close to the agreed cap with IMF.

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