Pogea: Romania’s joining euro will not be affected by budget deficits in 2009 and 2010

The process of Romania’s joining the euro in 2014 will not be affected by the increase in the budget deficits in 2009 and 2010, Minister of Public Finance Gheorghe Pogea told a news conference on Tuesday.

For 2009 the budget deficit target is 7.3 percent of GDP and in 2010, below 6 percent of GDP, whereas the convergence criteria of the European Union stipulate a limit amounting to three percent of GDP.

Pogea said that the foreign financing package from the IMF, the EU and other international financial institutions and the policy of the National Bank of Romania made Romania’s macroeconomic parameters be better than the authorities expected: the inflation went down and the exchange rate got stabilized.

The Minister of Finance also said that the second tranche from the IMF can be used by the Government for financing the budget deficit with one of the lowest interests and that, without the foreign financing package, the public expenses with the interests would have been higher by 300 million euros.

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