Romania`s state budget scores a lei 12.4bn deficit in the first five months

The social insurance budget cashed in 2.6 billion lei less than it spent, whereas the unemployment insurance budget saw revenues stand 316.3 million lei below expenses.

MFP granted the ministries external loans of 73.4 million lei. Meanwhile, local budgets recorded a surplus of 1.77 billion lei between January and May.

The budget of institutions financed partially or totally by private revenues reported a surplus of 858.5 million lei. The treasury budget also counted on an extra 101.1 million lei.

Finances announced that the national health insurance fund saw a surplus of 37.6 million lei and the Proprietatea Fund, 194.9 million lei.

Romania recorded a budget gap of 11.3 billion lei during the first five months, 2.1 percent of the GDP, which is estimated this year at 531.25 billion lei.

The government established a budget gap target of 4.6 percent of the gross domestic product (GDP) for the year, the equivalent of 24.3 billion lei, following the agreement inked with the International Monetary Fund (IMF), which set Romania quarterly targets for the budget deficit: 14.5 billion lei at the end of the second quarter and maximum 18.6 billion lei for the third quarter.