Romanian Parliament Ratifies IMF Letter Of Intent Signed In June

The letter of intent ratified by senators was signed by Romanian authorities in Bucharest on June 16, 2010 and was updated through an additional letter signed on June 29, after the Government decided to hike the value added tax to 24%, from 19%.

The finance and budget committee had rejected the bill last Tuesday and the reason cited by opposition lawmakers was the measure regarding the VAT increase.

The draft act was adopted by the Chamber of Deputies in October and the Senate’s vote is decisive.