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No Salary, Pension Cuts In Romania Following IMF Loan – Sources

The financial support package Romania and the International Monetary Fund are negotiating will not trigger lower basic salaries and pensions, government sources said Sunday.
No Salary, Pension Cuts In Romania Following IMF Loan - Sources
22 mart. 2009, 17:40, English

“The measures, including spending cuts and increased budget revenues, based on the government’s already announced policy, will be applied on a sliding scale stretching between 3 to 6 years, within a strategic plan with clear measures for a gradual adjustment of the economy,” the mentioned sources said at the end of talks between Premier Emil Boc and Romanian ministers.
 
The executive will not take measures to cut basic salaries and pensions, like in Latvia and Hungary following similar loan agreements with the IMF and the European Commission, nor will it intervene in the measures aimed to protect low-income families.
 
“Basic salaries, however, do not include bonuses and part of them will be eliminated,” the mentioned sources said.
 
Romania might get EUR4 billion from the European Commission’s bailout fund, as part of the EUR19 billion financial package discussed with the EU and the International Monetary Fund, government sources told MEDIAFAX on Friday.
 
The amount could come from EU fund for balance of payments support to members outside the euro-zone, the sources said.
 
The IMF will put in EUR13 billion, or 12 billion Special Drawing Rights (SDR). The European Investment Bank and the World Bank will supply each EUR1 billion, the sources added.