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Marius Nedelcu, TransferGo
Cash will become obsolete and this will be the result of digital finance advancement»

Public wages raise was agreed by IMF

2012-05-08 13:39:36

Within the last week’s IMF meeting with local Government, Romania has sealed an agreement with international lenders to restore public wages to their previous levels, a senior official said, as part of the government's efforts to ease an unpopular austerity program, also stated by Reuters. The fund’s representatives stated that Romania has some space to ease austerity, which included a 25 percent cut in public sector salaries in 2010. Some have since been restored. The current proposed minister of finances,  Florin Georgescu, stated that "Practically, the accord (with the IMF) has been negotiated and concluded successfully." Georgescu stated that salaries will rise by an initial 8 percent from June and will then be brought back to their pre-austerity level, Georgescu said, which implies a total increase of about 15 percent from current levels. The second wages raise will be established after the July’s IMF meeting in Romania and it may occur late this year. Though, according to Government sources, the raise  may not be applied to each budget sector, as some of these sectors might see a stagnation  regarding the salaries.

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