Minister of Finance: Romania fitted "with great probability" the deficit set by the IMF for June

Romania fitted „with great probability” the budgetary deficit agreed with the International Monetary Fund (IMF) for the first semester, Romanian minister of Finance Gheorghe Pogea declared on Wednesday, NewsIn informs.

„From preliminary data available we understand that we fit, with great probability in the deficit agreed with the IMF. Today, or most probably tomorrow, we’ll have more details on the expenses and incomes situation for June”, the minister stated.

Pogea also said the Government started the investment plan for the second semester: two thirds of the investment budget will be soon made available, meaning nine billion euros. There were 12.5 billion euros invested in projects in Romania during the first half of the year that is 33% of the initially set programme.

Secretary of State in the Finance Ministry Gheorghe Gheorghina declared on Tuesday that the general consolidated budget deficit already reached 2.1% of the GDP after the first five months of the present year.

According to the IMG agreement, Romania’s budget deficit is not supposed to go over 2.73% of the GDP by the end of the second trimester. Romania and the IMF agreed on certain budget deficit per trimester. By the end of December, the budget deficit cannot be over 24.36 billion lei, meaning 4.58% of the GDP. The end of the second semester allowed for a maximum 14.51 billion lei, meaning 2.73% of the GDP. The limit for the third semester is 3.5% of the GDP, translating in some 18.61 billion lei.

The estimated Romanian GDP for 2009 is going to be 5531.25 billion lei.