Romanian Cos’ Budget Debts Rise To RON18.7B End-March

Romanian companies’ debts to the consolidated budget rose 8.5% in the first quarter, at 18.69 billion lei (EUR1=RON4.1641), most of them being unpaid obligations to the state budget, according to additional letter of intent to the agreement sealed with the International Monetary Fund.

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In real terms, the companies' debts rose by around RON1.5 billion in January-March, the document reads.

End-March, the companies' unpaid obligations to the state budget totaled RON12.139 billion, while their debts to the state social insurance budget were at RON4.6 billion.

Arrears to the national health fund budget and the state social insurance budget totaled around RON2 billion after the first three months.

The letter will be sent by the government to IMF's general manager Dominique Strauss-Kahn.

Joint teams from the IMF, the EU and the World Bank were in Bucharest until May 10 for the fourth review of Romania's performance under a EUR20 billion financial package signed last spring.

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