Romanian government to amend the budget this month

Newsroom 17/07/2013 | 08:06

The government will amend the budget at the end of July, following negotiations with representatives of international lenders that have arrived today in Bucharest, according to Liviu Voinea, delegate-minister for budget.

“The budget amendment will take place by the end of the month and will be discussed with the international partners. There is a working document that is under discussion with all the ministers,” said Voinea on Tuesday, quoted by Agerpres newswire.

Voinea added that Romania is “very good” from the point of view of the macroeconomic stability, being one of the few EU members with a budget deficit below 3 percent and a public debt below 40 percent of GDP.

The IMF estimates the local economy will grow by 1.6 percent this year and 2 percent of GDP next year. Economists say the rate of economic expansion depends on the agricultural output.

A joint mission of the IMF, the World Bank and the European Commission is in Bucharest to negociate a new precautionary loan with the country. The IMF said the two-week mission will focus on Romania’s reform progress and its economic outlook.