IMF arrives in Romania to discuss 2013 budget adjustment, 2014 fiscal plan

By bne IntelliNews October 18, 2013

An IMF team of experts is expected in Bucharest on October 22 for the first review of Romania's stand-by arrangement signed earlier in September, Ziarul Financiar daily announced. An expert team from the EU will also arrive under the BoP support programme extended by the European Union.

The Fund’s experts will mainly discuss the execution of this year’s budget and will help for the preparation of the 2014 budget planning.

Budget minister Liviu Voinea confirmed that the second budget adjustment would be completed during the visit of the Fund. Budget revenues fell below expectations this year but the fiscal gap has been maintained within the limits agreed with the Fund. Revenues to the general government lagged behind projections in September as well, minister Voinea confirmed.

The budget deficit target for 2013 will be maintained at 2.3% of GDP under the second budget adjustment despite the below-planned revenues. Next year’s budget planning will be based on expectations for 2.2% GDP growth and will envisage 2%-of-GDP gap.

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