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| FINANCIAL MISSIONS IN BUCHAREST 26/10/2009 |
| (2009-10-26) |
| Last updated: 2009-10-27 15:22 EET |
The visit has been requested by the Romanian president, Traian Basescu, as previously the international financial institutions had announced they would come to Bucharest only after Romania had a new government approved by Parliament. According to the head of the IMF mission to Romania, Jeffrey Franks, the experts will assess the recent economic developments in Romania and will talk with the authorities about Romania’s economic targets for 2010 as well about the political measures and structural reforms needed to reach these targets. The mission members will also meet the representatives of political parties, business associations, banks and civil society organisations.
Jeffrey Franks said that for the assessment to be concluded, Romania will have to make an extended political commitment for the approval of the 2010 budget with a deficit of 5.9% of the GDP at the most. Romania needs 1.5 billion euros from the third instalment of the IMF loan and 1 billion euros expected from the EU by year-end, to cover the budget deficit. The loan is supposed to support the government’s reforms in the financial, social protection and tax fields. On the other hand, the interim PM Emil Boc said that the government would bring to Parliament the draft law on fiscal accountability, stipulated in the agreement with the IMF. PM Boc voiced hope that the Parliament would pass the pension law and thus observe the stipulations of the loan agreement with the IMF. PM Boc:
"I hope the new government will draw up the draft budget law for 2010 and that we will have it endorsed by December 31st this year, in keeping with Romania’s international commitments.’’
The loan agreement with the IMF stipulates that 13 billion euros will be granted in 8 instalments, over a 2-year period. This agreement is part of an international funding package worth almost 20 billion euros provided by the EU, the World Bank and the European Bank for Reconstruction and Development. Romania got the first two instalments in May and September, and the third one is to be disbursed in December, depending on the future assessment report. By the end of the year Bucharest should also receive the 2nd instalment from the EU, after the one disbursed in July.
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