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International Monetary Fund intentions and financing 04/04/2011
(2011-04-04)
Last updated: 2011-04-05 13:13 EET Print
The Romanian government is considering the gradual reduction in social security contributions if the country’s economic recovery allows it, shows a letter of intent to the International Monetary Fund. Romanian authorities have pledged to keep the budget deficit below 4.4% of the GDP in 2011 and to reform state companies, especially in critical sectors such as energy and transport. The document sent to the International Monetary Fund also writes that Romania will request technical assistance from the Fund and the World Bank to simplify its taxation system. Education and health reforms will continue, while the budget resources earmarked for investment will improve the absorption of European funds. The government also pledges to restrict the modifications to the taxation system to guarantee stability and put in place a simplified taxation mechanism for small contributors. The executive has already drafted a restructuring plan for the National Agency for Fiscal Administration and asked the Court of Accounts to verify the registration of patients in the primary health care sector. An International Monetary Fund report on the Romanian economy writes that political tension and inflation may have a negative influence on its development. The report also shows that a slower pace of economic recovery in Western Europe may lead to a diminution of Romanian exports and to a new increase in risk rates. International Monetary Fund experts equally emphasise that meeting inflation targets may be hindered by an increase in world food prices, which can lead to an increase in the inflation rate. The precautionary agreement signed by Romania with the Fund came into force last week. The money made available under this agreement can be accessed only in exceptional cases, such as an attack on the Romanian currency as a result of a regional crisis. The value of the agreement stands at 5 billion euros. 3.6 billion comes from the International Monetary Fund, 1 billion from the European Union and 400 million from the World Bank. Romania has given up the last 1 billion euro payment of its previous 20- billion-euro loan from the International Monetary Fund, the European Commission and the World Bank.

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