Mugur Isarescu: Foreign deficit, sustainable at 8% of GDP

Romania’s current account deficit that exceeded 12% of the GDP in 2008 might be sustainable at a level of 8% of the GDP if foreign investments reach 5-6% of the GDP, governor of the Central Bank of Romania (BNR) Mugur Isarescu said.
Structural funds should add to it, Isarescu explained.

The level of the balance of payments has to be correlated with the level of structural funds, Isarescu said, adding that the foreign financing package obtained by Romania, worth almost 20 billion euros, can be also covered from the „30 billion euro worth of structural funds from the EU.”

The latest forecast agreed on by the Govt and the International Monetary Fund in August shows a significant contraction of the foreign deficit in 2009, from 12% of the GDP in 2008 to 5.5% of the GDP in 2009. The current account deficit estimated by the Govt was 7.% of the GDP.

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