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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	4/1/2010 10:57:30 AM
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Why Greece can not do the same? - Romania Finance Minister:1Q Budget Gap Meets IMF Target-MediaFax BUCHAREST (Dow Jones)--Romania has met its 8.25 billion lei ($2.7 billion) budget deficit target set with the International Monetary Fund for the first quarter, despite lower-than-expected revenue, Finance Minister Sebastian Vladescu said Thursday, news agency Mediafax reports. "The economy is not growing as anticipated, despite [positive] signs--exports are rising and industrial output has increased--but in general the economy doesn't behave as expected," Vladescu told a business roundtable. He said preliminary first-quarter data point to lower-than-predicted revenue to the budget, but the quarterly deficit met the target, "plus/minus 1%." Romania's consolidated budget posted a deficit of 1.1% of gross domestic product at the end of February, amounting to RON5.8 billion. For 2010, Romania and the IMF agreed on a deficit target of RON31.9 billion. Last spring, Romania and the IMF signed a EUR13 billion standby loan, as part of a EUR20 billion package that also includes funds from the European Commission, the World Bank and other international lenders. Under the standby arrangement, Romania pledged to bring its budget deficit down to 5.9% of the gross domestic product in 2010 from a gap of 7.2% of GDP a year earlier. Agency Web site: www.mediafax.ro

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