Romania's Finance Ministry plans to revise budgetary deficit target upwards

Romania’s budgetary deficit target could be revised upwards at the next budget amendment, which will take place on October 23. The new target will amount to over 1.86% of the GDP (gross domestic product), said Finance Minister Eugen Teodorovici. The Government will allocate additional amounts of EUR 317 million to the local budgets at the next budget amendment. The increase in the deficit target is necessary, even if Romania records budget surplus after the first eight months of the year, because it is possible that by the end of the year, there will not be enough money for all the expenses, according to Teodorovici, reports local Agerpres. Next year, Romania will have a higher deficit than initially estimated, due to the impact of the new Fiscal Code and other measures, the Finance Minister added. editor@romania-insider.com