BUCHAREST (Romania), May 19 (SeeNews) – Romania will have to cut spending further and raise revenue to contain its 2009 budget deficit at the level set in its recent 20 billion euro ($27 billion) loan deal with the International Monetary Fund (IMF), as a strong economic rebound is unlikely by year’s end, analysts say. Romania reached its loan agreement with the IMF, the European Union and the World Bank in a bid to support its crisis-hit economy in late March and shortly after, the government more than doubled the deficit projected in the 2009 budget bill to 4.6% of GDP from 2.0% to match the projections for the country's economy made in the agreement.
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