Ministry of Finance might propose IMF an increase in deficit up to 7 pct of GDP

Romanian Ministry of Public Finance (MFP) might propose to the International Monetary Fund (IMF) to increase the 2009 budget deficit up to 7 percent of the Gross Domestic Product (GDP), Finance Minister Gheorghe Pogea told Agerpres, after the informal meeting on Wednesday between the Romanian authorities and the representatives of the IMF.

‘We will propose the IMF an increase in the 2009 budget deficit and the IMF will accept the proposal. The 2009 deficit might reach 7 percent of the GDP,’ Pogea said.
Moreover, he mentioned that in 2009 the economic contraction will be 8-8.5 percent.

After the end of the government meeting on Wednesday, Prime Minister Emil Boc mentioned that during the informal meeting with the representatives of the IMF, the European Commission and the World Bank, there was made a preliminary analysis of the economic situation.

‘The economic contraction early this year was higher than forecasts. It is thus necessary we adjust the deficit and continue with the reforms,’ Emil Boc said.

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