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| ECONOMIC MEASURES AND EFFECTS 10/04/2009 |
| (2009-04-10) |
| Last updated: 2009-04-13 17:33 EET |
The Romanian government has reached an agreement of principle with the IMF for a foreign loan and on Saturday is to endorse an emergency ordinance on budget rectification and on measures to cut spending. The first five-billion Euro installment of the loan which is to arrive in July will be used to ensure the stability of the national currency and stimulate loans. The IMF will contribute 12.95 billion Euros to the total 20 billion euro funding, the European Union will add five billion Euros, and the World Bank’s contribution will stand at over one billion Euros.
Another billion Euros will be provided by other international financial institutions. The authorities have given assurances that the measures agreed upon with the IMF will not affect the state employees’ salaries or the pension rise. According to the main papers in Romania, the coalition leaders have reached a compromise solution about budget rectification and anti-crisis measures. So, the Social-Democrats would have got the agreement of their liberal-democrat partners so that the teaching staff should not be made redundant, the minimum pension level be maintained and pensions be increased. The measures will not affect people in the lowest income brackets, neither will they bear on family benefits.
In exchange, Social-democrats would have accepted the introduction of the lump tax for small and medium-sized buisnesses. According to the same papers, the budget rectification provides for an over 300 million lei transfer (about 73 million Euros) from the state budget to the unemployment insurance budget, as the government coalition takes into account the rising unemployment rate, against the backdrop of a forecast drop of the economic growth rate, as a result of the world economic downturn. 160 thousand jobless have been reported in the past 6 months, pushing the unemployment rate up to 5.6%, while the total number of unemployed in Romania stands at more than 500 thousand, very close to the authorities’ forecasts for the entire year. But there is more bad news to come, as a staggering one million Romanians are likely to lose their jobs by the end of this year.
The first effects of the economic crisis in Romania will be felt in the coming period, when thousands of people are estimated to be made redundant. Their number is expected to increase when Romanian nationals currently working abroad are expected to come back shooed by the world economic meltdown. Pundits say the state will have to get involved in the professional retraining of the unemployed, and implement social protection measures. The most affected will be employees in the construction sector, the car-making and the textiles industries.
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