about us | newsletter | contact | archive | members area
Marius Vacaroiu, Policolor
Tax changes have made us elaborate more budget impact assessments this year»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

Romania set for new IMF loan in early 2011

President Traian Basescu has stated that Romania will take out another loan from the International Monetary Fund (IMF) in early 2011. The President added that the country will need to borrow 5.7 billion Euro in 2011 only to cover its budget deficit

October 2010 - From the Print Edition

“Romanian has the need of continuing to borrow financial resources to continue developing,” he said in a speech to Parliament. “This is the reason for which, in 2011, Romania will sign a new accord with the IMF.”
President Basescu predicts a growth of two per cent in 2011 on the condition that “reforms are accelerated” and a three to four per cent growth in 2012 and 2013.
But he says this will not be sufficient as the country needs five per cent growth per year to reduce the budget deficit.
The President expects a budget deficit of 6.8 per cent of GDP for 2010, 4.4 per cent of GDP for 2011 and three per cent of GDP for 2012.
Last month the IMF disbursed a further 884 million Euro to Romania - around 11.27 billion of the 13 million Euro bail-out has now been absorbed by the country.
The IMF praised Romania’s “policy implementation” under the Fund-supported programme and urged continued spending restraint and fiscal structural reforms.
“Key measures include the recent pension reform, reforms of the public wage system, tax administration, and health sector, and restructuring public enterprises,” said Murilo Portugal, deputy managing director and acting chair of the IMF. “The initiation of labour market and social safety net reforms will help boost productivity and target limited budgetary resources to the most vulnerable.”



COMMENTS
There are 2 comments:

Mirzon: on 2010-10-18 22:21:25
The budget should focus on large scale infrastructure investments to finalize the highway network in Romania.

Infrastructure is the blood circulation system of the economic body. Without improvement of the blood circulation system, the patient's health will not improve and can not compete in the economic marathon.

Romania has to improve it's cashflow system and needs to create a positive cashflow again. Cutting costs is one thing, creating growth a second.

Start building highways and Romania will experience a structural, constructive economic spinoff immediately.

Mirzon Investments / www.mirzon.eu

Joxon: on 2010-10-06 15:52:24
884 Billion euro in one month?

Million?

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

2 Comments  |  28678 Views
Daily Info
EIB offers Romania 13 billion Euro financing in 25 years

The European Investment Bank (EIB) has granted Romania 13 billion Euro worth of loans since starting its operations in the country, in 1992, according to a report of the insti...

Germanos stores in Romania rebrand into Telekom

Telekom Romania, the second-biggest telecom group on the local market, has started the rebranding process of the Germanos shops into Telekom.

OMV Petrom doubled its profit last year

OMV Petrom had a 2.49 billion RON profit in 2017, more than double than it had recorded in 2016 (1.04 billion RON), according to a report by the company.

Complet Electro Serv appoints Cristian Laza as new CEO

Complet Electro Serv, part of Altex Romania, has appointed Cristian Laza as CEO of Complet Electro Serv, producer and distributor of electric-IT equipments.

Mol Group posts highest profit in a decade in 2017

Mol Group announced its financial results for 2017. Mol increased its EBITDA by 14 per cent outperforming its 2017 target on the back of a strong financial and operational del...

 
 
   
advertising

advertising

advertising

advertising

More on News
President Iohannis meeting Juncker and Tusk in Brussels, modifications in Romanian justice among topics

President Klaus Iohannis is to meet on Wednesday, in Brussels, with President of the European Commission Jean-Claude Juncker and with President of the European Council Dona...

1 Comment

Contract for the purchase of 227 Piranha V armored personnel carriers, signed in presence of PM Tudose

The contract for the purchase of 227 Piranha V armored personnel carriers was signed on Friday in the presence of Prime Minister Mihai Tudose, Deputy Prime Minister Marcel ...

President Iohannis: The Romanian society is mature and active and needs a state to match it

President Klaus Iohannis stated, on the occasion of the annual meeting with the heads of diplomatic missions accredited in Bucharest, that the Romanian society is a mature ...

2 Comments

Iohannis: Justice independence, public positions' integrity are constitutional values not to be negotiated

Promoting the rule of law and Justice independence, fighting against corruption, ensuring integrity in public positions and dignities are constitutional values that cannot ...

1 Comment

PM-designate Dancila: "It's important to implement governing programme"

Prime Minister-designate Viorica Dancila stated that it's important to put into practice the governing programme, but also 2018- the Centennial Year and prepare to take ove...

1 Comment

Iohannis: Romania's progress bound to stable legislation able to punish abuses

Romania's progress is inseparably bound to a coherent, stable legislation able to punish abuses and dishonesty, said President Klaus Iohannis, pointing out that the governm...

4 Comments

Mihai Tudose announces his resignation as prime minister

Mihai Tudose announced on Monday evening, at the end of the Social Democrat Party (PSD) National Executive Committee (CExN) meeting, that he resigns as prime minister of Ro...