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| THE WEEK IN REVIEW 05-11/01/2009 |
| (2009-01-09) |
| Last updated: 2009-01-12 16:30 EET |
2009 is expected to be a difficult and challenging year for average Romanians, as well as for the new government. The first challenge - Moscow’s cutting off completely gas supplies via Ukraine to Europe, Romania included. The authorities in Bucharest were forced to act quickly and find solutions, because the weather is not exactly on our side, with freezing temperatures all over the country. Here is Minister of the Economy Adriean Videanu:
“Our obligation is to keep the national transportation system up and running normally, so that the population should not be affected at all this winter in terms of gas consumption; we also don’t want public institutions, kindergartens, schools, hospitals, etc., to be affected in terms of heating. We have also considered having the industry be affected as little as possible”.
Although gas imports from Russia only cover one third of Romania’s consumption, with the rest covered from domestic sources and reserves, the authorities had to resort to alternative sources, namely oil fuel and coal, to get over this bump in the road.
In 2009, the Romanian national currency, the leu, started on the wrong footing, this weak reaching its lowest level against the Euro ever, and analysts expect it to go even lower. The follow ups are higher prices for food, utilities, higher interest rates for bank loans. Bankers did not get good news either. They were expecting the national bank to relax loan granting conditions, but the latter did not oblige. The central bank preferred playing it safe, and kept the reference interest rate at 10.25%.
All eyes are now on the 2009 budget, which the government hopes to put in place by the end of the month. Prime Minister Emil Boc has consulted the governor of the National Bank Mugur Isarescu on the budget, and has presented macroeconomic forecasts. Emil Boc:
“Right now our top priority is to absorb community funds, which will count a lot in the 2009 financial year, massive public investments in the infrastructure, as an alternative means of creating jobs and the social component, avoiding skids and deeper discrepancies at this point, socially speaking; what I mean is, let us not sacrifice vulnerable social categories under the pretext of this crisis.”
Isarescu has assured the Prime Minister that the central bank will assist the government in its policies aimed at providing at least a minimal economic growth in 2009, but he has warned that the priority is reducing the huge current account deficit.
The government, trade unions, and employers’ associations in Romania have decided to set up a think tank to look into the present economic situation, and identify the measures needed to dampen the social follow ups of the crisis that is being felt more and more. Gheorghe Pogea, Minister of Finance, has reiterated the need for all social players to get involved in creating a common platform for anti-crisis solutions, with very clear objectives, which should ensure continued attractiveness for investors. The government hopes to strike a long term social deal, ensuring peace with the unions, but the partners in this social dialogue in turn expect the government to keep its election promises and increase salaries, pensions, and provide jobs. Unions want a reconsideration of policies and priorities in forming and using the unemployment fund, which is expected to be put to a harsh test in 2009, in the context of massive layoffs that are anticipated.
The deterioration of the situation in the Gaza Strip, which has caused great concern in the international community, is a reason for anxiety for Romania as well. Romanian Foreign Minister, Cristian Diaconescu, believes that a solution to the Israeli-Palestinian crisis can only be possible if violence stops. He has stated Romania’s readiness to collaborate with the EU, but also undertake bilateral action to contribute to resolving the crisis. Diaconescu has underscored that Romania has good relations with both conflicting sides, as well as the fact that hundreds of Romanian nationals, mostly women and children, live in Gaza. According to Diaconescu, our priority right now is to bring back home those Romanians that want to get out of the war zone.
The first such Romanian families have got home, after an initial failed attempt. Diaconescu has thanked the Israeli authorities in this ample operation to evacuate foreign citizens with the help of the Red Cross. On the other hand, the minister said that among the Romanian citizens that are now in Gaza there were people for whom the Romanian state had paid money to evacuate back in 2007, but who returned there illegally.
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