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| The IMF Mission to Romania 26/10/2010 |
| (2010-10-26) |
| Last updated: 2010-10-27 12:44 EET |
IMF officials continue their talks with Romanian authorities in Bucharest. So far, IMF officials have met with representatives of the National Bank, trade unions, the National Agency for Fiscal Administration and the Health Ministry. During talks with trade union representatives, the American experts addressed issues related to the increase of the minimum wage, the absorption of EU funds as well as state employees’ salaries.
IMF representatives have agreed to discuss the increase of the minimum wage, although they have expressed their concern that it might have a negative impact on the unemployment rate. Head of the IMF mission to Romania, Jeffrey Franks said that any increase in the minimum wage should be studied and calculated very carefully, since an unsustainable increase could have an important negative effect.
There might be room for some increase, although it is important to establish its quantum, only following careful examination.”-Jeffrey Franks said. The trade unions demanded that public sector employees’ salaries get back to their level prior to the 25% cut, but IMF experts irrevocably retorted such a thing was impossible within the current economic context.
Unionists say IMF officials did however envisage a 15% increase in the minimum wage by 2011, on condition that the government continued its redundancy policy and eliminated holiday bonuses and the 13th salary. The government maintains its decision to make redundant 70.000 people, while some other 15.000 would lose their jobs next year.
Following his meeting with Central Bank representatives, Jeffrey Franks said that the IMF might disburse an additional instalment that could enter the National Bank reserves by the end of the year. The IMF mission will be in Bucharest until November 1st in order to assess the current agreement and hold preliminary talks on the conclusion of a new accord.
So far, Bucharest has received 11.6 billion euros from the IMF and 3.6 billion euros from the European Commission under its 20-million-worth external funding stand-by agreement. The next IMF payment worth 870 million euros will be disbursed by mid-December. Franks said that a potential new agreement with Romania would certainly be a precautionary one, which means money will stay in Washington and will be available for unpredictable situations only.
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