Romanian authorities agreed to several measures to narrow the country’s 2010 budget deficit, a joint mission of the European Commission, International Monetary Fund and World Bank said. The measures include deep cuts in the country’s pensions and public sector wages and a reduction in other social benefits. Depending on the success of these measures, Romania will also implement a variety of revenue raising measures to achieve the budget deficit target of 7.3 percent. The EC, IMF and World Bank mission was in Romania from April 26 to May 10 to assess the country’s compliance with policy conditions set under a 20 billion euro multilateral assistance package the country received as crisis support.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.