• austriantimes.at
• croatiantimes.com
• salzburgtimes.at
• viennatimes.at
• austrianindependent.com

27. 10. 09. - 09:00

• more Business news...
• RSS Feed Business

27. 10. 09. - 09:00

Romania has budget deficit below the IMF cap

Romanian Times

Romania’s consolidated budget posted a six billion Euro (25.56 billion lei) deficit, or 5.1 per cent of the gross domestic product (GDP), in the first nine months of 2009.

The Finance Ministry announced the news yesterday (Mon), adding that consolidated budget revenue had been 27.5 billion Euros (115.77 billion lei), down 6.7 per cent year on year.

The deficit is 40 per cent wider than in the same period of 2008.

Budget revenue accounted for 23.3 per cent of GDP, while expenses stood at 28.4 per cent of GDP in the first nine months of 2009.

The budget deficit was below the limit of of 6.4 billion Euros (26.9 billion lei) agreed upon with the International Monetary Fund (IMF).

Romania secured 19.95 billion Euros of financial aid from the IMF, the European Union and other international institutions earlier this year to cope with deepening recession.

The agreement between Romania and the IMF fixes quarterly performance criteria for this year's budget deficit, which needs to be lower than 7.3 per cent of GDP at the end of December.

Government to introduce ‘Robin Hood’ tax on oil companies
Minister of Economy Daniel Chitoiu announced today (Weds) that the government is working on a piece of legislation on introducing a supplementary tax on the exceptional incomes of the oil companies that should be passed by the year end and implemented as of 2013.

Education Minister stepps down amid plagiarism accusations
Ioan Mang, the education minister appointed only two weeks ago together with the new cabinet of Social Liberal Union (USL) leader Victor Ponta, resigned Tuesday (yesterday) night.

Brancusi’s son doesn’t want his father remains to be moved to Romania
John Moore, the only child of sculpture Constantin Brancusi, reacted to Romania’s intention to repatriate the remains of his father, saying his last will was to be buried in Paris at Montparnasse, Libertatea newspaper informs today (Weds).

Romania back in recession, growth to resume in H2
Romania officially entered recession today, following the figures published by the National Statistics Institute (NSI) that show a decrease of the GDP for two consecutive quarters (Q).

Police head sacked over underground boss runaway row
The head of the Romanian Police Liviu Popa (picture) was sacked today (Tues) by Home Affairs Minister Ioan Rus, the ministry informs.

UK Ambassador Harris says new Cabinet took right decisions so far
The UK Ambassaodr in Romania, Martin Harris says Victor Ponta’s new government got off on the right foot by making clear that its economic policy will continue to be framed within the programme agreed between Romania and the EU, World Bank, and IMF.

Carmen Sylvas x-rayed hand to be auctioned
A x-ray of the left hand of Romanian Queen Elisabeta will be auctioned in Bucharest by Artmark auction house, Libertatea newspaper informs today (Tue).

Rising handbal player hangs herself because of family quarels
A rising star of the Romanian handball was found hanged on Sunday (yesterday) in her family apartment in Drobeta Turnu Severin (South West), Romania TV news channel informs today.

Triumphant welcome in Bucharest for the national gymnastic team
The national team of gymnasts returned home today at noon from the European Championship held on Saturday and Sunday in Brussels, and was welcomed by a numerous crowd at the Henri Coanda International Airport in Bucharest.

Sorin Oprescu to win in a landslide, poll suggests
An opinion poll released today (Mon) makes the current Mayor Sorin Oprescu favourite for the Bucharest municipal elections, Realitatea TV news channel informs.