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| THE WEEK IN REVIEW (3-9/08/2009) |
| (2009-08-07) |
| Last updated: 2009-08-10 11:25 EET |
IMF representatives are currently in Bucharest to assess the situation in Romania with a view to releasing the second payment of the loan contracted by Romanian officials to overcome the global economic slump. They warned that the budget deficit might exceed 8% of the GDP by the end of the year and have demanded a cut in public spending. In exchange, the IMF is willing to accept a budget deficit of up to 7.2% of the GDP, earlier established at 4.6%. Economic recovery in Romania is expected in 2010, along with the adjustment of the budget deficit, growth of labour productivity and a balanced budget structure, says the governor of the National Bank of Romania, Mugur Isarescu. According to the governor, the use of IMF money to cover the budget deficit might help re-invigorate the economy. The Central Bank in Bucharest has downgraded its inflation forecasts for the next two years, from 4.4% to 4.3% for this year and from 2.8% to 2.6% for next year.
A large part of Romania’s budget deficit is due to budget spending. At the conclusion of the two weeks’ of talks with each minister, Prime Minister Emil Boc announced that the state agencies would be halved, 9,000 people would be made redundant and about 50 million euros thus saved. The Prime Minister said that another 100 million euros would be saved, with the incomes of the agencies still in place going to the state budget. This measure will be carried out concurrently with a cut in the salaries of those agencies’ employees, reduced to the level of salaries received in other governmental structures. Despite the optimism voiced by the Prime Minister, the liberals in opposition are suspicious of the restructuring, and believe it unlikely to achieve the results envisaged by the government.
At least according to statements issued, the crisis seems to be holding the members of the ruling coalition together: the Social Democratic Party, the PSD and the Liberal Democratic Party,the PD-L. Ruling for half a year now, the two parties, separated by doctrines, but united in their bid to overcome the crisis the country is going through, appear increasingly incompatible. However, for the time being, they have decided to stick together. Sparked off by a statement made by president Traian Basescu, regarding large-scale redundancies in government ministries, the PSD and the PD-L resumed their mutual attacks a week ago. PSD leader Mircea Geoana described the idea set forth by president Basescu regarding the redundancy of 300,000 employees, as, quote “an economically and socially ungrounded gesture”.
The presidency’s subsequent statement, according to which president Basescu said that only 10,000-15,000 people would be made redundant, was described by the social-democrats as being due to the upcoming presidential election due this autumn, a bid to assure his popularity. The PSD believes that the differences within the government coalition have deepened because of the Tourism Minister, Elena Udrea, who is close to Traian Basescu. Joining the opposition liberals’ move on the verification of the way in which the money for the promotion of Romanian tourism had been spent at that ministry, the social-democrats agreed on the establishment of a parliamentary commission of inquiry, targeting Elena Udrea. We recall that Minister of Youth and Sport, Monica Iacob Ritzi, also a member of the PD-L, resigned following a similar inquiry. She was investigated for having spent a huge amount of money -about 700,000 euros - mainly on concerts given on the beach. Monday’s government session toned down the atmosphere, because, as the ruling political players say, Romania cannot afford political crises. Still, the PSD has warned, its participation in the government does not mean an unconditional support for the Prime Minister’s initiatives or subordination to the head of state.
The heavy rainfalls and thunderstorms which caused meteorologists to issue a code yellow this week have upset several roads across this country, while lots of houses in the centre and South of the country have been flooded. On Thursday evening, over one hundred fire fighters had to pump water from the streets of Bucharest and from the basements of houses following a downpour. The traffic was bad in the capital, as well as in other parts of the country, where visibility decreased to 10 m because of the storm.
On Thursday evening, the Romanian football team Steaua Bucharest qualified in the Europe League play-offs after defeating the Scottish side Motherwell 3-1 on the latter’s home turf, in the second round of the third qualifier leg. Steaua Bucharest won the first match 3-0. Three other Romanian teams are represented in the same competition: Dinamo Bucharest, FC Vaslui and CFR Cluj. Vice-champions FC Timisoara will take part in a play-off match to qualify for the Champions’ League groups, with Unirea Urziceni having already qualified.
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