The money may be made available in the last week of February, and, according to Romania’s representative to the IMF, Mihai Tanasescu, half of the 2.3 billion euro payment will cover the budget deficit. Apart from the money from the International Monetary Fund, Romania is to receive 1 billion euros from the European Commission and some 300 million euros from the World Bank. In an interview to Radio Romania, Mihai Tanasescu, a former finance minister, said 2010 will see a slight economic growth whose effects will be felt, however, next year:

“I’m being realistic based on what I know about the Romanian economy. This realistic attitude gives me hope and I believe 2010 will be a better year than 2009. I’m not sure ordinary Romanians will be aware of this improvement, but starting in 2011 we will see a slow but solid relaxation which will lead to a long-term consolidation. I was speaking earlier about solidarity, and I think we need it for things to become better for us in the future.”

As regards the revision of certain conditions in the loan agreement, Romania’s IMF representative said they are related to reaching the 5.9% deficit target in 2010, a goal which depends on the implementation of a number of laws. The pensions law and the fiscal accountability law, which are to be voted on by Parliament in the first half of the year, are two such examples. On the other hand, Romania’s creditors warn that the difference between returns and expenses for the state budget must decrease. Even if Romania’s public deficit is lower than in other countries, the head of the IMF mission, Jeffrey Franks, believes Bucharest must start a fiscal consolidation process so that in the end its deficit may drop to under 3% in keeping with the Maastricht criteria.