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| FORECASTS AND NEGOTIATIONS 04/11/2009 |
| (2009-11-04) |
| Last updated: 2009-11-05 17:58 EET |
After several days of intense talks in Bucharest with the representatives of the Central Bank, the Finance Ministry, political leaders, trade unions and employers’ associations, the International Monetary Fund says no decision has been made regarding the third payment in the 13 billion euro loan granted to Romania. The head of the Fund’s mission to Bucharest, Jeffrey Franks, said the Romanian economy is in a difficult situation and both trade unions and employers must understand that there can be no talk of salary increases or large profits like in recent years.
The representatives of trade unions and employers’ associations called on the International Monetary Fund to make the third payment of 1.5 billion euros despite the fact not all terms of the loan have been met. They proposed that the unified wage bill, the pensions law and the law on fiscal accountability should be adopted by the future government and also made their own recommendations about possible changes to these laws. The vice-president of the Cartel Alfa trade union, Liviu Apostoiu:
“We don’t agree with a number of provisions, such as the maximum retirement age. Retiring at 65 is too much for Romania at the moment. There was no mention about freezing salaries and we asked the Fund if a ceiling has been established for salaries or if the negotiations are over which would mean that we, as social partners, have nothing more to say.”
Employers’ associations also insisted on the need to cut public spending. The president of the Business People’s Association, Florin Pogonaru:
“We must cut waste in the budget sector and not increase various taxes deriving from the Value Added Tax, profit tax. On the other hand, it is very important for the government to show the criteria by which the money received from the International Monetary Fund are spent. I’m referring mainly to state aid.”
The European Commission, which has revised its autumn economic forecasts, also believes that Bucharest will have to implement the economic measures it committed to when it signed the financial agreements worth almost 20 billion euros with the International Monetary Fund, the European Union and the World Bank. According to the Commission, in 2009, Romania will see a negative economic growth of minus 8%, as compared to the initial estimate of minus 4%, a public deficit of 7.8% of the GDP, an inflation rate of 5.7% and an unemployment rate of 9%. For 2010, the Commission’s forecasts for Romania are more optimistic, namely a positive economic growth of up to 0.5% and an inflation rate of 3.5%.
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