imf

IMF Rejects Romanian Minimum Wage Raise To Over RON650

16:48, 27 Oct. 2010
The International Monetary Fund told the Romanian Government it disagrees with increasing the minimum wage in 2011 to over 650 lei (EUR1=RON4.2819), people with direct knowledge of talks told MEDIAFAX Wednesday.

IMF Asks Romanian Banks To Assess Impact Of Consumer Loan Law – Sources

15:26, 27 Oct. 2010
The International Monetary Fund and Romania’s central bank have requested local lenders to send data on potential losses following the introduction of a government approved ordinance on consumer loans, people familiar with the matter told MEDIAFAX Wednesday.

IMF Worried About Retroactive Consumer Loan Norms In Romania

13:37, 26 Oct. 2010
The International Monetary Fund is concerned about Romania’s decision to apply the EU directive on consumer loans retroactively, because the measure could lead to “negative effects” for the eastern European country, IMF mission head Jeffrey Franks said Tuesday.

Romanian Lower Chamber Ratifies IMF Letter Of Intent Signed In June

12:40, 26 Oct. 2010
The Romanian Chamber of Deputies Tuesday adopted with 103 votes in favor, 80 votes against and five abstentions the draft law ratifying the Government's letter of intent to the International Monetary Fund, signed in June 2010.

IMF: Romania’s Tax Cut Issue Must Be Resolved By Nov 1

19:20, 21 Oct. 2010
Romanian government must find a way to resolve the issue created by a parliament decision to lower the sales tax for food items and exempt small pensions from the income tax before the International Monetary Fund completes its assessment mission in Bucharest, IMF mission head Jeffrey Franks said.

Romanian Economy Ministry-Owned Cos Met Budget Targets – IMF

12:17, 21 Oct. 2010
The three companies controlled by the Romanian Economy Ministry under monitoring by the International Monetary Fund have met the personnel spending targets established, said Thursday Mihai Tanasescu, Romania's representative to the IMF.

Romania, IMF Discuss Oltchim Privatization

12:10, 21 Oct. 2010
Romanian authorities and representatives of the International Monetary Fund discussed Thursday about the privatization of Oltchim (OLT.RO) and Cuprumin, as well as stake sales in other state-owned energy companies, the Economy Ministry said in a statement.

Romania Most Pessimistic About Economy, Finances In Emerging Europe – Survey

13:28, 20 Oct. 2010
Romania is the most pessimistic country in Eastern Europe when it comes to consumer confidence and financial expectations, with the two indicators dropping from 120 points to less than 40 in the past two years, a survey from the International Monetary Fund showed.

Romania, IMF To Analyze Raise In Minimum Wage

10:11, 20 Oct. 2010
Romanian authorities and the International Monetary Fund need to analyze a potential raise in the country’s minimum wage because such a move could hurt the economy, IMF mission head Jeffrey Franks said Wednesday ahead of talks at the Labor Ministry.

IMF Review Mission Visits Romania Oct 20-Nov 1, New Agreement To Be Discussed

14:33, 17 Oct. 2010
A delegation of the International Monetary Fund arrives in Romania Wednesday, October 20, to review the country’s progress under a EUR13 billion loan agreement and discuss a new agreement, an IMF official told MEDIAFAX Sunday.

Romanian President Unreservedly Supports Precautionary IMF Agreement

12:18, 17 Oct. 2010
Romania’s President Traian Basescu is an unreserved supporter of an open credit line from the International Monetary Fund, the head of state told Pro TV in an interview Sunday.

IMF Sees Romanian GDP Falling At Fastest Pace In Emerging Europe

17:23, 06 Oct. 2010
Romania’s economy will shrink at the fastest pace among emerging states in Europe this year, while its estimated growth of 1.5% for 2011 will be the smallest in the region, the International Monetary Fund said in its latest global outlook report.

EXCLUSIVE: IMF: Parent Banks May Want To Increase Exposure To Romania Voluntarily

14:41, 06 Oct. 2010
Romania’s agreement with the parent banks of the largest local lenders is temporary and the country won’t probably need it any more in a year and a half, as the banks will want to increase their exposure voluntarily, an official of the International Monetary Fund said Wednesday.

EXCLUSIVE: Romanian New IMF Deal Under EUR13B, Fund Says

14:00, 06 Oct. 2010
Romania’s potential new agreement with the International Monetary Fund would be “undoubtedly” smaller than its current EUR13 billion deal, IMF mission head Jeffrey Franks said Wednesday, adding that the financing program will most likely be a precautionary arrangement.

Romania To Meet Medium-Term Fiscal Targets, Must Ensure Permanence Of Adjustments – IMF

14:35, 25 Sept. 2010
The recent efforts toward fiscal consolidation have put Romania on a sure path to meeting its short- and medium-term fiscal targets, but the main challenge is ensuring the permanence of these adjustments, by maintaining expenditure constraints and through structural fiscal reforms, said the IMF.

IMF Approves EUR900M Disbursement For Romania

19:40, 24 Sept. 2010
The International Monetary Fund Friday approved the disbursement of around EUR900 million to Romania, following a new review of the country’s performance under a EUR13 billion standby agreement.

IMF To Start Preliminary Talks On New Romanian Loan In Oct – Official

19:11, 24 Sept. 2010
The International Monetary Fund on Friday agreed to hold preliminary talks that could lead to a new loan agreement with Romania during the fund’s upcoming mission to the country in October, said Mihai Tanasescu, Romania’s representative to the IMF.

Romania Ctrl Bker: A New IMF Deal To Ensure Lower Borrowing Costs

14:26, 23 Sept. 2010
Romania needs additional financing from international lenders and a new agreement with the International Monetary Fund would ensure lower borrowing costs, according to Lucian Croitoru, adviser to the central bank governor Mugur Isarescu.

Romania To Sign New Deal With IMF In 2011 – President

16:02, 21 Sept. 2010
Romania will sign a new loan agreement with the International Monetary Fund in 2011 to finance its budget deficit, President Traian Basescu said Tuesday.

Romania Must Adopt Pension Law, Pay Hospital Debts For New IMF Loan Tranche – PM

17:26, 20 Sept. 2010
Prime Minister Emil Boc said Monday that Romania must adopt the unitary pension system law and pay the debts of its public hospitals before the International Monetary Fund (IMF) will release the sixth tranche of the loan agreed upon last year.

IMF, Romanian PM Hold Working Meeting In Bucharest

15:44, 13 Sept. 2010
A delegation of the International Monetary Fund led by Tonny Lybek met Monday with Romanian officials to discuss the Government’s commitments under a EUR13 billion loan agreement and set up the coordinates for the Fund’s next mission in Bucharest due in October.

EXCLUSIVE: Romanian Govt Pledges To Keep Pensions Frozen, Sack 90,000 More Public Employees

17:59, 09 Sept. 2010
The Romanian Government stands by its commitment to sack 74,000 public sector employees by the end of 2010, at least 15,000 more in 2011, keep pensions frozen next year and scrap the 13th monthly salary, vacation bonuses and heat subsidies.

EXCLUSIVE: Romania Ups ‘10 Primary Spending Fcast, Cuts Revenue Estimate

15:40, 09 Sept. 2010
Romania's Government revised upward its estimate on primary spending to 131.5 billion lei (EUR1=RON4.2821) this year, from RON130.9 billion previously, according to the additional letter of intent to its International Monetary Fund deal.

EXCLUSIVE: Romania To Cap Monitored Companies’ Losses At RON4B In 2010

15:05, 09 Sept. 2010
Romania's Government has committed in an additional letter of intent to its International Monetary Fund deal to limit to 4 billion lei (EUR1=RON4.2821) the losses of ten of the biggest money-bleeding companies in 2010.

Romanian Govt Pledges To Peg Public Salaries To Private Sector, Cut Bonuses

14:50, 09 Sept. 2010
Romania’s Government pledged, in the new letter of intent to the IMF, to provide fewer bonuses in the unitary wage law, as well as implement a system to correlate the salaries in the public sector with those in the private sector and set them according to each employee’s duties and skills.

Romania Govt Approves Letter Of Intent To IMF Deal

15:10, 08 Sept. 2010
Romania's Government Wednesday approved an additional letter of intent to its EUR13 billion loan agreement with the International Monetary Fund, Finance Minister Gheorghe Ialomitianu said.

Romania Should Consider A New Agreement With The IMF – President

11:35, 06 Sept. 2010
Romanian President Traian Basescu said Monday, during his meeting with IMF delegation chief Jeffrey Franks, that Romania should consider the adequacy of a new agreement with the IMF in October.

IMF Worried About Romania’s Govt Arrears – IMF Official

14:39, 04 Sept. 2010
The International Monetary Fund is worried regarding Romania’s government arrears, which also affect the private sector and the country’s economy, Jeffrey Franks, IMF mission chief to Romania, said Saturday.

Romanian Govt Reshuffling Won’t Affect Disbursement Of New Loan Installment – IMF Official

11:56, 04 Sept. 2010
The chief of the International Monetary Fund mission to Romania, Jeffrey Franks, said Saturday that the reshuffling of the Romanian Government will not affect the disbursement of a new loan installment to Romania and will not lead to higher financing costs.

IMF: Romania Public Wages Reduced To 2005 Level

13:08, 31 Aug. 2010
Romanian public salaries have been reduced to a similar level as in 2005 and will have a comparable share in this year’s gross domestic product, an official of the International Monetary Fund said Tuesday.

Romania Engages To Raise Tariffs Of 10 Largest Loss-Making Public Cos

20:58, 04 Aug. 2010
Romania’s government promised the International Monetary Fund to raise the tariffs of the 10 largest loss-making state-run companies, inclusively passenger rail company CFR Calatori, electricity producer Termoelectrica and subway company Metrorex.

Romania’s June Arrears At RON2B, Double The Agreed Target

19:42, 04 Aug. 2010
Romania's government arrears stood at 2 billion lei (EUR1=RON4.2527) at the end of June, almost double compared with the target agreed with the International Monetary Fund, of RON1.09 billion, according to an official document obtained by MEDIAFAX.

Romania To Change Ordinance On Consumer Credit Contracts

19:15, 04 Aug. 2010
Romania’s government will change the ordinance on consumer credit contracts, so that the normative would comply with the European Union legislation, mainly as regards non-retroactivity.

Romanian Govt To Increase Minimum Turnover Threshold For Mandatory VAT Payment

18:50, 04 Aug. 2010
Romania’s Government will ask the Council of the EU for permission to increase the level of turnover or revenue after which the registration and payment of VAT becomes mandatory to EUR100,000, from EUR35,000 currently, according to a letter of intent to the stand-by agreement with the IMF.

Romanian Govt Pledges To Sack 74,000 State Employees In 2010, At Least 15,000 In 2011

17:49, 04 Aug. 2010
Romania’s Government pledged to lay off 74,000 state employees by the end of 2010 and at least 15,000 more in 2011, according to a letter of intent on the stand-by agreement with the International Monetary Fund, obtained by MEDIAFAX.

IMF Advises Against Romanian Public Sector Wage Hikes In ’11

11:57, 04 Aug. 2010
Romanian authorities could increase public sector wages next year, depending on the restructuring process, but the International Monetary Fund would recommend that salaries remain at current levels, Wednesday said Jeffrey Franks, head of the IMF mission to Bucharest.

IMF To Release New Funds To Romania Once Pre-Conditions Met

11:08, 04 Aug. 2010
The International Monetary Fund will release another EUR914 million of its EUR13 billion loan to Romania as soon as the government has fulfilled pre-conditions to reduce budget deficit, IMF mission chief Jeffrey Franks said Wednesday.

Romania’s Govt Asks IMF To Extend Pension Bill Adoption Deadline

12:19, 03 Aug. 2010
Romania’s Government asked the International Monetary Fund to extend until September 30 the deadline by which the unitary pension bill should be adopted in Parliament, after the IMF called on authorities to make sure the draft law is adopted by September 15, people close to the matter said Tuesday.

Romania Neither Considers, Nor Excludes New IMF Deal – Fin Min

10:00, 03 Aug. 2010
Romania’s Government is neither taking into account nor excluding sealing a new agreement with the International Monetary Fund, Finance Minister Sebastian Vladescu said Monday.

Romanian Opp Liberals To Meet IMF Officials For Talks On Anti-Crisis Measures

16:23, 02 Aug. 2010
Romanian opposition liberals will meet Tuesday with International Monetary Fund representatives for talks on the country’s economic situation, liberal vice-president Varujan Vosganian said Monday.