FinMin Teodorovici tells IMF, WB in Washington economy is on the right track, budget deficit will meet the 3pc threshold

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Minister of Public Finance, Eugen Teodorovici, met the International Monetary Fund (IMF) representatives and reiterated Romania’s commitment to keep the budget deficit below 3%. Teodorovici had at a meeting with IMF director for Europe, Poul Thomsen, in Washington D.C., vowing sustainable economic growth in 2018 and during the coming years.

Teodorovici attended the April 20-21 spring meeting of the World Bank Group and the International Monetary Fund in Washington D.C., US, reports.

The minister told the IMF chief that the decisions made this year by the Government will ensure sustainable economic growth in 2018 and for the years to come.

“Romania is heading to the right direction, resuming its sustainable investment-based growth. The dynamics of budget revenues in the first quarter of 2018 is superior to the annual growth forecast for the Gross Domestic Product (11.4% vs. 7.9%, nominal GDP growth) with the exception of the one recorded in the first quarter of 2015, the highest post crisis level,” Teodorovici told Thomsen.

The Finance Minister also discussed with Cyril Muller, World Bank Vice-president for Europe and Central Asia, analyzing together the portfolio of ongoing projects funded by the bank in Romania.

These include the ANAF (tax authority) modernization project “tailored to ensure quality services for taxpayers”.

“At the same time, the Finance Minister proposed the World Bank leadership a new approach on the way of granting loans, which would lead to the flexibility of using the loans depending on the degree of preparation and completing the projects,” the Finance Ministry said.

The Romanian delegation included state secretaries with the Ministry of Finance, BNR Vice-president Liviu Voinea, ANAF officials and the National Commission for Strategy and Prognosis.

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