Howevr, sources close to the International Monetary Fund (IMF) said that the institution’s forecast is a 7-8 percent economic decline and budget deficit amounting to as much as 7 percent of the GDP.

“So far, we have no data on the economic decline in the first half-year. We are definitely registering economic drop on the second quarter,” he said.

President Traian Băsescu earlier said that, after the 6.2 percent GDP shrinking in Q1, the second quarter „will probably not be better”.

Earlier this year, when Romania agreed a €19.5 billion financing from the IMF, European Union and other international institution, the Fund was foreseeing a 4 percent economic decline in 2009.