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Article: IMF: Estonia needs to further cut spending
- Article from:
- AP Worldstream
- Article date:
- May 18, 2009
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The International Monetary Fund on Monday urged Estonia's government to continue slashing budget expenditures to get the deficit down to 3 percent of gross domestic product, a required parameter for adopting the euro.
Christoph Rosenberg, head of IMF mission to Estonia, told a news conference that the government needed to make steeper spending cuts since revenues were falling faster than expected.
At the same time Rosenberg said that Estonia, whose economy plummeted 15.6 percent in the first quarter compared with the same period last year, would not need IMF funding like neighboring Latvia to fill the yawning deficit.
"It is hard to conceive that (Estonia) would ...