IMF press release:

Teams from the International Monetary Fund (IMF) and the European Commission (EC) visited Bucharest during December 2-9, 2014 for technical discussions on the 2015 budget.

The teams reached broad understanding with the authorities on the 2015 budget in line with the targets of the program that is being supported by an IMF Stand-By Arrangement and EC Balance of Payments Assistance.

The draft budget includes a deficit target of 1.8 percent of GDP in cash terms and 1.2 percent of GDP in ESA terms.

This is consistent with reaching the medium-term budgetary objective (MTO) of 1.0 percent of GDP deficit in structural terms (ESA base) in 2015 while accommodating a faster absorption of EU funds.

A joint mission for a full review of this program will return to Bucharest in January.