Thursday, July 23, 2009

Romania 'will miss budget deficit target'

Romania's budget deficit is set to be almost 2.5 per cent higher than the target agreed with the International Monetary Fund (IMF), it has been revealed.

Speaking to Reuters, economy minister Adriean Videanu predicted that the consolidated budget deficit could reach seven per cent of gross domestic product (GDP) by the end of this year.

The country had agreed that the gap would be kept down to 4.6 per cent of GDP at most.

Mr Videanu added that the government would now try and renegotiate this year-end target with a visiting mission from the IMF.

It is expected the body will review the conditions of the country's stand-by loan next month.

Recently, the Romanian prime minister Emil Boc told Roumanie.com that the country will do anything and everything to help fight the recession.

He invited ideas from all corners of the country, pointing out that "no one holds a monopoly on truth".

This news item is brought to you by KMS Baltics in conjunction with Fest-Forest and EST KINNISVARA. Baltic forestry and property specialists.

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