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January 23, 2022

2009 budget deficit within IMF target

Romania’s budget deficit last year was of RON 36.4 bln, or 7.2 per cent GDP, within the IMF-set target, amid incomes declining 5.4 per cent from 2008 and spending higher by 1.4 per cent, according to a Finance Ministry press release sent to Nine O’Clock. Under the stand-by agreement Romania struck with the IMF, the European Commission and other international financial institutions, last year’s budget deficit was to abide by the RON 36.5 bln, or 7.3 per cent GDP, target. ‘Consolidated general budget revenues stood at RON 156.6 bln in 2009, down 5.4 per cent against last year’s, mainly as a result of lower profit tax revenues, down 8.9 per cent, VAT incomings, down 16 per cent, and proceeds from customs duties, down 31.9 per cent, respectively,’ according to the Finance Ministry. However, tax income returns were up 0.3 per cent and so were those from excises, 14.2 per cent, and taxes levied on property, 3.8 per cent respectively.

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