The budget deficit hit 1.4% of GDP in Q1, from 1% in the same period last year, as the revenues were RON 4.7 bln (EUR 940 mln) below the target, Romanian minister of finance Adrian Caciu admitted while responding to lawmakers' invitation in parliament, on April 11.

However, he denied the situation would be so desperate: it's not going to be a budget revision, but a "fiscal and budgetary plan of measures," he said, stressing that "there will be no wage cuts or redundancies" in the public sector.

Until April 12, all those involved in the public budget execution were asked to come up with ideas for curtailing expenditures.

Minister Caciu also said he expects "good news" from the rating agencies this Saturday, April 15, Economica.net reported.

iulian@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)