Representatives of the International Monetary Fund and the European Commission, Romania’s biggest international financiers, agreed that the budget revision falls within the budget deficit target, said Finance Minister Eugen Teodorovici.

Romania’s Fiscal Council, an independent authority which advises the Government and Parliament in developing their fiscal and budgetary policies, also agreed with the budget amendment, but with certain reservations about the upward revision of the state’s social contribution revenues.

Romania’s Government approved on Tuesday, July 29, an increase in state spending by EUR 1 billion also anticipating higher revenues. The budget deficit forecasted for 2015 should remain unchanged at some EUR 2.9 billion, or 1.86% of the country’s GDP.

The Executive based its revision on a new 3.3% economic growth forecast for this year, compared to a 2.5% economic growth estimated when drafting the initial state budget for 2015.

Romania’s Government increases budget spending on higher economic growth perspective

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editor@romania-insider.com