Romania Must Revise Salary, Pension Sys In 2 Yrs – IMF

Salaries in the public sector doubled in a three-year period, Franks said in a news conference.

Franks said the public salary system has to be less based on bonuses, which should not exceed 25% of the salary.

The IMF official also stated that, at the same time, the government will have to implement a fiscal responsibility law to avoid new budget deficit increases.

Romania has agreed an economic program with the International Monetary Fund supported by a EUR12.95 billion loan under a two-year standby arrangement.

The total value of the financial package including loans from the European Union, the World Bank and other financial institutions is EUR19.95 billion.