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EU gives Romania, Lithuania and Malta extra time to repair deficits

Wed, Feb 17 2010 11:06 CET

byClive Leviev-Sawyer

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EU gives Romania, Lithuania and Malta extra time to repair deficits

Photo: Julia Lazarova

EU finance ministers have issued new recommendations to Lithuania, Malta and Romania on steps to correct their excessive government deficits, while revising the timetables for the three countries to bring their deficits back below three per cent of gross domestic product (GDP), as required by EU rules.
 
The Council of the European Union extended the deadline for correcting the deficits by a year in each case, "on account of a worse-than-expected deterioration in their economies since July 2009" when the bloc’s excessive deficit procedures were opened against the three countries.
 
Malta was told to reduce its deficit to below three per cent  of GDP by 2011 instead of 2010, and on Lithuania and Romania to do so by 2012 instead of 2011.
 
Each country was given August 16 2010 as the deadline to take corrective action.
 
Lithuania was told to "rigorously implement" corrective measures planned in its 2010 budget and to ensure an average annual fiscal effort of at least 2.25 per cent of GDP over the 2010-2012 period.
 
Malta was told to achieve the 3.9 per cent deficit target set in its 2010 budget and to ensure a fiscal effort of .75 per cent of GDP the following year.
 
Romania was told to implement measures planned in its 2010 budget, while avoiding any further deterioration, and to ensure an annual fiscal effort of 1.75 per cent of GDP over the 2010-2012 period.

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