Romanian finance minister Florin Citu speaking for B1 TV station assured that the country does not need an agreement with the IMF “this year.”

He also said that the Government would observe the 6.7%-of-GDP public deficit target, which, he commented, is very tight compared to the 13% gap in the European Union and nearly 24% of GDP in the US, G4media.ro reported.  

As for the GDP growth, the Romanian finance minister believes that the country will not undergo a technical recession (two consecutive quarters of quarterly decline in the seasonally adjusted GDP).

The economy is going to recover in the third quarter of the year, Citu hopes.

For the whole year, minister Citu sticks with his 2.2% GDP decline scenario, which is more realistic than the initial 1.9% forecasted decline, yet still far from the independent projections of around minus 4%.  

(Photo: Ilona Andrei/ Inquam Photos)

editor@romania-insider.com