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Romania Jobless Rate Subject To Further Pressures In 2010 – IMF

Romania's unemployment rate is subject to further pressures over the next period, but the increase should be manageable because the jobless rate is still below EU average, the International Monetary Fund mission head said Monday.
Romania Jobless Rate Subject To Further Pressures In 2010 - IMF
10 mai 2010, 11:39, English

Jeffrey Franks, chief of an IMF mission to Romania, told a news conference that the number of public employees should be reduced by 250,000 people on the medium-term to match the numbers before 2006.

Franks declined to comment on his recent statement that unemployment rate in Romania is likely to reach one million people this year.

The country’s jobless rate fell in April to 8.07% from 8.36% a month earlier.

According to the EU’s statistics office Eurostat, the bloc’s unemployment rate was at 9.6% in March.

An IMF mission arrived in Bucharest April 27 for the fourth review of Romania’s performance under a EUR13 billion loan package signed last spring. Following the mission, the IMF will decide whether to disburse a fifth installment to the country, worth EUR850 million.

However, the funds won’t be released unless Romania successfully implements a series of austerity measures meant to increase budget revenue and keep the deficit in check, Franks said.