11.7 C
September 24, 2021

Budget rectification in May-July

Government will only operate the first budget recalculation towards the end of the first semester, in May-July, namely, after April talks with the International Monetary Fund (IMF), Mediafax quotes official sources as saying. The revision is aimed at bringing public institutions in line with the allocations spent by that time. A new IMF mission will be back to Romania in late April-early May to assess to what extent Romania met first quarter criteria. In the first two months of this year, the consolidated general budget posted an estimated deficit of RON 5.8 bln, or 1.1 per cent GDP, amid a 5.8 per cent rise in spending against the year-earlier period and a revenue slump of 3 per cent. Two weeks ago, the finance minister announced January-February returns were slightly under the level planned, yet he believes incomings will be in line with forecasts as of March. The 2010 budget stipulates a budget deficit target of 5.9 per cent GDP.

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