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Wednesday, May 25, 2005

Budget deficit rectification reduced to 0.7% of GDP

The level of the budget deficit after negotiations with the International Monetary Fund (IMF) has been set at 0.7% to 0.75% of Gross Domestic Product (GDP), stated Ionut Popescu, minister of Public Finance.

According to Popescu, the precise figure will be agreed by mid-June when an IMF delegation will come to Bucharest.

At the moment, the budget rectification is based on projected GDP growth of 5.8%, and an average exchange rate of 37,500 ROL to the euro.

State Secretary Dragos Neacsu announced that the Ministry of Public Finance would try to obtain the approval of the IMF for the registration of privatization expenses and revenues in a special fund dedicated to modernization programs.

In this way, the expenses would not be included in the budget deficit.

Posted by Iulia Rasoiu : 5/25/2005 09:41:00 am