imf

IMF Warns of Rising Macroeconomic Imbalances in Romania

Consumption-led growth has remained strong in Romania, raising people’s incomes toward those in advanced Europe, but macroeconomic imbalances have also deepened and fiscal and current account deficits have widened and inflation pressure is rising again, the International Monetary Fund said Friday.

IMF: Romania Should Reassess Public Sector Wage Growth and Changes to Pensions

Romania should reassess increases in public wage and planned changes to pension benefits for their negative implications for fiscal sustainability and long-term growth, a mission of the International Monetary Fund concluded after a staff visit to Bucharest on November 6-12.

IMF Representatives Begin Mission To Romania

A mission of the International Monetary Fund (IMF) arrived on Tuesday in Romania to commence of week-long analysis of the country’s economic and financial developments, according to a press release issued by the institution.

IMF: 2017-ben a költségvetés hiánya eléri a 3,7 százalékot, 2018-ban pedig a 3,9 százalékot

A Nemzetközi Valutaalap (IMF) arra figyelmeztette Romániát, hogy idén a költségvetési hiánya eléri a bruttó hazai termék (GDP) 3,7 százalékát, jövőre pedig 3,9 százalékig mélyül.

Romanian Govt Wants More Flexible Approach To Regulation Freezing Public Sector Hiring

Romania’s Government wants a more flexible approach to the rule whereby only one in seven vacant public sector positions may be filled next year, with a view to applying it at a higher level, and not for each public institution, so as to unfreeze hiring in sectors where staff shortages become acute.

Romanian President: 2012 Budget Targets Deficit Of 1.9% In Cash Terms

Romanian President Traian Basescu said Thursday, after a meeting with the IMF, World Bank and European Commission delegation, that next year's budget will be built on a deficit of 1.9% of the GDP in cash terms, which can be increased up to 2.5% later in the year.

IMF: Romania’s Lower-Than-Expected Inflation Best News Since IMF Mission’s Previous Visit

The best news since the previous visit of the International Monetary Fund’s delegation to Romania is the decrease of the country’s inflation above expectations, IMF's mission head Jeffrey Franks said Sunday.

Romanian Pharma Industry Asks IMF To Push For Changes To Clawback System

Pharmaceutical companies have asked the International Monetary Fund to urge Romania's Government to reduce the clawback tax to zero for generic drugs, allow at least 210 days for its payment and no longer charge it on prices including VAT and distribution margin.

Romanian PM Needs Parliament Mandate To Negotiate With IMF – Senate President

Romanian Senate president Mircea Geoana said Monday that he will write to Prime Minister Emil Boc and ask him to request the Parliament's mandate before negotiating with the IMF, World Bank and European Commission.

IMF Delegation To Visit Romania October 25 – November 7

A delegation of the International Monetary Fund will visit Romania between October 25 and November 7 for the third review of a EUR3.5 billion precautionary agreement signed end March.

IMF Approves EUR480M Disbursement To Romania

The International Monetary Fund Thursday completed the second review of Romania’s economic performance under a EUR3.5 billion precautionary loan agreement, enabling the disbursement of a new EUR480 million tranche.

Romanian Govt Might Approve Letter Of Intent To IMF Next Week

Romania's Government plans to convene a meeting for the beginning of next week, to approve the final draft of the letter of intent agreed upon with the International Monetary Fund, European Commission and World Bank in this summer's evaluation mission, people close to the matter told MEDIAFAX.

IMF: Romania May Raise Public Sector Wages After More Job Cuts

Even though the Government may consider there is room for public sector wage raises, Romania should only raise them following more job cuts layoffs, Jeffrey Franks, head of the International Monetary Fund mission to the country, said Monday.

Romanian Govt Sees GDP Up 0.3-0.4% In 2Q, Inflation At 4.8% In 2011

Romania's Government estimates a 0.3-0.4% growth of the gross domestic product in the second quarter, compared to the first, and an inflation rate of 4.8% this year, below the central bank's forecast, people close to the matter told MEDIAFAX.

IMF: Romania May Accelerate Economic Growth With Good Reforms, Solid Investments

Romania's economic growth will continue this year and may even accelerate next year, but only through continued and "satisfactory" reforms, improved absorption of EU funds and solid investment plans, IMF mission chief Jeffrey Franks said Saturday.

IMF Says Romania Should Cut Red Tape Around Heating Subsidies – Minister

Officials of the International Monetary Fund have recommended Romania to adopt a simplified scheme for heating subsidies and eliminate bureaucracy for this type of aid, Labor Minister Sebastian Lazaroiu said Wednesday after talks with the IMF delegation.

Romanian Labor Ministry, IMF Discuss Wage Law, Pensions, Social Assistance Code

Romanian Labor Minister Sebastian Lazaroiu said Wednesday he discussed with the International Monetary Fund mission the public sector wage law to be enforced next year, the implementation of a new pension system and the country’s future social assistance code.

Romanian President, IMF Meeting Discussed Budget Revision Principles

The principles of the budget revision, which Romania's government will implement this summer, were discussed by the meeting on Monday between President Traian Basescu and the IMF, European Commission and World Bank joint evaluation mission.

Romania To Implement Labor Market Measures This Fall, As Per IMF Agreement – Union Leader

Dumitru Costin, head of the Romanian National Union Bloc (BNS), said Friday, after meeting with the International Monetary Fund delegation, that a measure package targeting the Romanian labor market will be implemented this fall, part of an agreement with the IMF and European Commission.

Romanian Unionists, IMF Delegation Talk About Energy Market, Privatization Of State Cos

Romanian National Union Bloc (BNS) leader Dumitru Costin said Friday talks between unionists and the International Monetary Fund delegation focused on problems concerning the energy market, the privatization of state companies and rehiring employees made redundant.

Romania Will Likely Meet H1 Fiscal Targets, But Capital Spending Still Low – Franks

Romania’s low level of expenditure will most likely allow for the first half fiscal targets to be achieved, but the authorities still need to imporove the EU-related capital spending, said Jeffery Franks, head of the International Monetary Fund’s delegation to Romania.

IMF Approves First Review Of New Loan Deal With Romania, May Disburse EUR480M

The International Monetary Fund Board on Monday approved the first review of the precautionary up deal with Romania and will make the second tranche available, worth around EUR480 million, people close to the matter told MEDIAFAX.

Romania Will Miss Budget Gap Target, Because Of Upcoming Elections – Piraeus

Romania's Government will miss this year's budget deficit target of 4.4%, agreed upon with the International Monetary Fund, as there is a high likelihood of "fiscal slippages" before next year's parliamentary elections, say analysts from Piraeus Bank.

Romanian Govt Pledges Over 7000 Job Cuts In Railway, Energy, Postal Co

Romania's government has pledged to cut more than 7000 jobs in state railway companies, energy suppliers and the national postal company, while lowering their running costs through renegotiated contracts, says the letter of intent to a EUR3.6 billion loan agreement with the IMF.

Romania Pledges To Slash Heating Aid By End-August

Romania's government committed in the letter of intent to the International Monetary Fund to eliminate the thermal energy subsidy by the end of August at the latest and direct such aid only to disadvantaged categories.

Romanian Govt Promises To Hike Train Ticket Prices By More Than Inflation

Romania's Government has promised the International Monetary Fund that, by the end of August, it will amend legislation to allow state-owned transport companies CFR Calatori and Metrorex to increase their fees by more than the rate of inflation.

Romanian State-Owned Companies To Crack Down On Debtors

The International Monetary Fund asked Romania to toughen up measures taken against clients who owe considerable sums to state-owned companies, using “legal measures” against those with arrears.

Romania Vows Quick Privatization Or Liquidation For Oltchim – Draft

Romanian chemical company Oltchim (OLT.RO) will be liquidated if the government fails to privatize it by the end of the year, according to the draft letter agreed on May 3 between local authorities and the International Monetary Fund.

Romania To Pay RON737M Of Arrears Amassed By Roads Authority CNADNR By End-June

The Romanian Transport Ministry will pay by the end of June 737 million lei (about EUR181 million) of arrears amassed by national roads authority CNADNR due to investment projects, according to Romania’s draft letter of intent to the International Monetary Fund (IMF).

Romania To Float 20% In CFR Marfa By Yearend

Romania's Government will offer a 20% stake of state-owned railway company CFR Marfa by initial public offering, "with a view toward full privatization when market conditions permit," says the letter of intent agreed upon with the International Monetary Fund.

Romania Plans To Sell At Most 20% In Airline Tarom

Romania’s Government plans to sell 20% in national airline Tarom either on the stock exchange or to a strategic investor by the end of 2011, according to the draft letter of intent agreed with the International Monetary Fund.

Romania Vows Before IMF To Slash Heating Aid, Bills May Soar

Romania's government committed in the latest talks with the International Monetary Fund to eliminate the thermal energy subsidy in the near future, which could increase household heating bills by up to 60% by the end of the year, depending on the mayoralties' capacity to cover the difference.

Romania Needs More Data Before Cutting Social Security Taxes – IMF

Romania and the International Monetary Fund have agreed to wait for additional fiscal data before deciding on a potential cut in social security contributions, IMF mission head Jeffrey Franks said Monday.

IMF: Romania To Free Gas Prices Gradually By 2015

Romania will free the natural gas market in stages by 2013 for companies and between 2013 and 2015 for household consumers, Monday said Jeffrey Franks, the head of the IMF delegation to Romania.

Romania Unlikely To Tap Into IMF Funds In 2011 – Mission Head

Romania is highly unlikely to access the funds made available through a EUR5 billion precautionary deal from the International Monetary Fund and the European Union in 2011, IMF mission chief Jeffrey Franks said Monday.

Franks: Romania, IMF Agree On Economic Policies For Follow-Up Deal

Romania and the International Monetary Fund have reached an agreement on the economic and fiscal policies to be pursued during a EUR5 billion two-year precautionary program, IMF mission chief Jeffrey Franks said Monday.

Romania Cannot Reduce Social Security Contributions In 2011 – President

Romanian President Traian Basescu said Saturday that, in his opinion, it is impossible to reduce social security contribution rates in 2011.

Complete Liberalization Of Romanian Energy, Gas Markets To Wait Until 2015 – President

Romanian President Traian Basescu said Saturday, after a meeting with the International Monetary Fund delegation, that the deregulation of gas and electricity prices for households should be put on hold until 2015.

Romanian President: IMF Follow-Up Deal To Enable Continued Reforms

Romanian President Traian Basescu said Saturday that the new deal with the International Monetary Fund is "precautionary" and its purpose is continuing reforms, with international financial assistance.

Romania, IMF Agree On New Deal Letter Of Intent

Romanian authorities and the International Monetary Fund have reached an agreement on the Government's course of action outlined in the follow-up deal's letter of intent, people close to the matter told MEDIAFAX on Saturday.