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    BUCHAREST, (5 feb 2010)

    Romania Ctrl Bk Head Says 5.9% Of GDP Budget Gap ‘Reasonable’

    Aiming at a budget deficit of 5.9% of the gross domestic product for 2010 is “reasonable” given the current economic conditions and it’s a key-element for Romania’s program with the International Monetary Fund and the European Commission, central bank governor Mugur Isarescu said Friday.

    Romania Ctrl Bk Head Says 5.9% Of GDP Budget Gap ‘Reasonable’

    "The central bank cannot salute a budget with a deficit of 5.9% of GDP, but we think it's reasonable in the current context," Isarescu told a news conference on inflation.

    Romania, which benefits from a EUR20 billion loan package from the IMF, EC and other foreign lenders, pledged to bring its budget deficit down to 5.9% of GDP this year, from a gap of 7.3% of GDP in 2009.

    Romania has two years to comply with the Maastricht Treaty and lower its deficit to 3% of GDP. However, the European Commission is considering extending until 2012 the deadline by which the states with a high budget deficit must lower their deficits.

    According to Commission's representative in Romania, Fabienne Ilzkovitz a decision in the matter will be taken this month.



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