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Finance minister: Deficit in quarter 1, 2021 reported to 2020 deficit drops by 0.4%


Alexandru Nazare, the public finance minister, says there is a drop of the budget deficit in quarter 1, 2021, against the same period of 2020, although the first two months of 2020 were not marked by expenses generated by the health crisis. Nazare said that a part of loans made by the government last year were used to refinance older credits.


Nazare also declared that loans made by the Romanian state cover the deficit, but refinance older loans, made years before.“That deficit covered by loans because there is no other solution. We made loans to cover older debts. At least a third of the 2020 loan was refinancing from an old loan, because we always have to refinance loans made in previous years, even in 2014 and 2015,” he said.


The finance minister said, referring to credits, that there is no other solution when there is budget deficit.