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Ctrl Bker: Romania Does Not Need IMF Financing

Romanian central bank's deputy governor Cristian Popa said Tuesday that Romania does not need a financing from the International Monetary Fund, or IMF, and that the country does not face financial problems.
Ctrl Bker: Romania Does Not Need IMF Financing
28 oct. 2008, 18:33, English

The IMF said Tuesday that it had no discussions about financial support underway with Romania, but the institution would maintain a close policy dialogue with the Romanian authorities, denying last week’s information that Romania currently discusses a financial aid with the monetary fund.
 
"Romania has no plans to ask for IMF’s help. We will continue to discuss with the institution, but only as regards evaluations. Romania does not need financing at this moment," Popa said.    
 
Standard & Poor’s Ratings Services lowered on Monday its long- and short-term foreign currency sovereign credit ratings on Romania to ‘BB+/B’ from ‘BBB-/A-3’, and its local currency long-term rating to ‘BBB-‘ from ‘BBB’, citing risks to Romania’s economy due to high private-sector leverage and dependency on an uncertain external financing channel.
 
According to Romanian financial analysts, the downgrade forces Romania to a stricter fiscal and wage policy and measures to sustain the business environment, in order to attract further foreign investments.