Romania will enter an excessive deficit procedure, most probably in March, the interim Finance minister Florin Citu has announced.
The minister blamed the former PSD ruling for that, explaining that it was the expenses and loans of the former government that led to the deficit above 3pc, the threshold imposed by the European Union.
“We cannot avoid that. What we can do is to make sure that we decrease the deficit below 3pc. We’ll be back to 3% deficit in 2022. The decision to start an excessive deficit procedure against Romania came from the European Commission”, Citu told a TV show at Realitatea TV.
Romania has reported a budget deficit of 4.6% of GDP in 2019, according to the preliminary budget execution released by the Ministry of Finance at the end of January, which means the deficit is 0.2 pc higher than the one estimated through the rectification last year. It is the highest deficit in the past 9 years.