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| A LOAN AGREEMENT WITH THE IMF 24/04/2009 |
| (2009-04-24) |
| Last updated: 2009-04-27 18:20 EET |
Romania will soon benefit from the 13 billion euros promised by the International Monetary Fund, a sum intended to curb the effects of the economic crisis. The letter of intent for the conclusion of the loan agreement was signed on Thursday in Bucharest by finance minister, Gheorghe Pogea, and the governor of the National Bank of Romania, Mugur Isarescu. The loan was agreed upon at the end of March. The document was then submitted to the financial institution which is to approve it on May 4th and the first instalment, worth 5 billion euros, will be made available right after the approval of the document. According to PM Emil Boc, the loan agreement will be submitted to Parliament for ratification. Emil Boc:
“We are now coming up to the finishing straight in terms of concluding a loan agreement. Our main target is to maintain jobs, to re-launch and credit the economy, and indirectly, to ensure the payment of salaries and pensions for Romanians.”
The loan agreement stipulates several major conditions- a rectification of the public budget by 1.1% the GDP, which has been already done by the Government, by means of an emergency ordinance submitted for the approval of Parliament. Other conditions refer to the passing of a law on a flat salary rate in the public system, of a law on fiscal responsibility and, last but not least, of a new way of increasing pensions. The IMF has required that pensions should no longer be calculated against the estimated average salary; instead, pensions should be periodically adjusted by the inflation rate.
Finance minister, Gheorghe Pogea, said that one of the conditions agreed upon with the IMF is that the salary rises for state-owned companies that obtain profit should be closely correlated with increased labour productivity. As regards the budget deficit target negotiated with the IMF for the second quarter of this year, it was set at 4.6%. Also this week the European Commission has suggested to the European Council to grant to Romania the medium term 5 billion euro loan it had asked for.
These loans are part of a combined foreign financial support package coming, among others, from the World Bank and the EBRD. The total value of the loan stands at 20 billion euros.
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