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Romanian Unions, Employers Ask Govt To Change IMF Deal And Consider Their Proposals

16:42, 17 Mai 2010
Romanian union and employers’ representatives on Monday asked the Government to draft a new letter of intent to the loan agreement with the International Monetary Fund and include their proposals in the new letter, stressing they firmly disagree with the recently announced salary and pensions cuts.

No-Confidence Motion Obligatory If Govt OKs Cost Cutting Plan – Romanian Senate Chairman

12:21, 17 Mai 2010
Romanian Senate Chairman Mircea Geoana said Monday opposition parties must submit a no-confidence motion against the Government if the Executive gives a confidence vote to the cut spending program to reduce salaries and pensions.

Romania Govt Might Have To Use Confidence Votes To Adopt Measures Agreed With IMF- President

21:26, 13 Mai 2010
President Traian Basescu on Thursday said the Romanian Government will probably have to require confidence votes in Parliament in order to adopt the measures agreed upon with the IMF experts, stressing there is little time left until the reunion of the IMF Board at the end of June.

Romanian President Says IMF Renegotiation Not On Govt’s To-Do List, But Highly Possible

21:21, 13 Mai 2010
Romanian President Traian Basescu told a press conference Thursday that the Government is not working on a renegotiation of the stand-by agreement with the International Monetary Fund, stressing, however, that the agreement could be renegotiated at any time.

Romania Fin Min: Renegotiation Of Austerity Measures Would Be Wrong

11:08, 13 Mai 2010
A renegotiation with the International Monetary Fund of the spending cut measures already assumed by the Romanian Government would be wrong, Finance Minister Sebastian Vladescu said Thursday.

Romania Must Borrow Extra EUR5B, Apart From IMF Loan, To Meet New Budget Deficit Target

00:03, 12 Mai 2010
Romanian President Traian Basescu said Tuesday Romania should borrow extra EUR5 billion from the market, apart from the EUR3 billion to be disbursed by the International Monetary Fund and the European Union by the end of the year, in order to keep the deficit in the new cap agreed with the IMF.

Romania’s Letter Of Intent To IMF To Be Adopted Only With Prior Ok Of Economic And Social Council

23:57, 11 Mai 2010
Romanian President Traian Basescu Tuesday said he decided, alongside Prime Minister Emil Boc, that the additional letter of intent for the EUR13 billion standby agreement with the IMF will be adopted by the Government only with the prior approval of the country’s Economic and Social Council.

Romania Should Implement Structural Reforms To Boost Competitiveness – IMF

15:27, 11 Mai 2010
Romania’s economic competitiveness rose by 15% as a result of a more depreciated leu since the start of the recession, but authorities should undertake structural reforms to take advantage of the gain and further increase efficiency, according to Jeffrey Franks, the IMF’s mission chief for Romania.

IMF: Romania Had More Balanced Options To Tame Deficit

15:12, 11 Mai 2010
The International Monetary Fund recommended a series of “balanced” measures to lower Romania’s growing budget deficit, but the authorities in Bucharest decided to rely almost entirely on public spending cuts, IMF’s mission chief for Romania Jeffrey Franks said.

Romanian Banks’ Contributions In Deposits Guarantee Fund To Hike As Of 2011

00:53, 11 Mai 2010
Romania’s deposits guarantee fund FGD will consolidate its funds through raising, as of 2011, the contributions of the participating banks and will progressively give up the stand-by credit lines, according to additional documents to the agreement sealed with the International Monetary Fund.

Romania Promises To Revive Privatization Program

00:37, 11 Mai 2010
Romania has pledged to "aggresively" resurrect the privatization program, especially in the industry, energy, transport, tourism or agriculture, as part of its efforts to raise budget revenue to meet the International Monetary Fund requirements.

Romania Pledges Cos Under IMF Monitoring Will Cut Arrears By 2.5%

23:59, 10 Mai 2010
Romania’s Government pledged during negotiations with the International Monetary Fund and the European Commission that each of the ten state-owned companies under monitoring will reduce arrears by 2.5% each quarter, starting with July-September period.

Romania’s Govt Promises IMF To Tax Drug Sellers’ Turnover

23:43, 10 Mai 2010
Romania’s government engages to introduce the tax per planned turnover for the drug distributors, according to the additional document that will be sent to the executive board of the International Monetary Fund, obtained Monday by MEDIAFAX.

Romanian Authorities Pledge Not To Uphold Personal Insolvency Bill

20:39, 10 Mai 2010
Romanian authorities said they will not uphold certain draft laws, such as the draft personal insolvency law, in order to strengthen the country’s financial stability, according to the Memorandum of Understanding between Romania and the IMF and EU.

Romania’s Govt Pledges To Enforce Healthcare Co-Payments

20:20, 10 Mai 2010
Romania’s Government pledged that it will introduce the co-payment system for healthcare services and that exemptions from co-payment will not exceed a set cap, according to the country's agreement with the International Monetary Fund and the European Commission.

Romanian Cos’ Budget Debts Rise To RON18.7B End-March

19:41, 10 Mai 2010
Romanian companies’ debts to the consolidated budget rose 8.5% in the first quarter, at 18.69 billion lei (EUR1=RON4.1641), most of them being unpaid obligations to the state budget, according to additional letter of intent to the agreement sealed with the International Monetary Fund.

Romania’s Govt Pledges To Lay Off 70,000 Public Sector Employees In 2010

19:36, 10 Mai 2010
Romania’s Government pledged to reduce the number of public employees to 1.29 million this year by laying off about 70,000 employees in the public sector, according to the country’s additional letter of intent to the EUR13 billion standby agreement with the International Monetary Fund.

Romania To Limit 2011 Public Sector Wage Fund To RON39B

18:35, 10 Mai 2010
Romania will limit the public sector salary fund for next year to 39 billion lei (EUR1=RON4.1641) by reducing the number of employees in the public sector, according to the Memorandum of Understanding between Romania and the IMF and EU.

Romania Freezes Early Retirement, Limits Retirement For Incapacitated People

17:58, 10 Mai 2010
The Romanian Government will freeze early retirement starting June 1, 2010 until the country’s new pension law is enforced, and pensions for incapacitated people will be granted only if they were previously approved by Labor Ministry medical assessment teams.

Romania To Tax Food Vouchers, Bank Deposit Interests

17:32, 10 Mai 2010
Romania’s government will tax food vouchers, capital gains--including interests on bank deposits--and severance payments, and will eliminate tax exemptions for IT programmers.

Romania To Ask IMF For New Waiver On Govt Arrears

12:20, 10 Mai 2010
Romania hasn’t met the first-quarter performance criteria in the sector of general government arrears and will ask the International Monetary Fund for a new waiver of non-observance, IMF mission head Jeffrey Franks said Monday.

IMF Could Reschedule 5th Loan Installment To Romania – Official

12:08, 10 Mai 2010
A delay in implementing Romania’s planned fiscal measures in the public sector could prompt the International Monetary Fund reschedule the release of a fifth loan installment to the country until the measures are in place, IMF mission head Jeffrey Franks said Monday.

Romania Jobless Rate Subject To Further Pressures In 2010 – IMF

11:39, 10 Mai 2010
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.

IMF: Romania To Slash 250,000 Public Jobs On Medium-Term

11:36, 10 Mai 2010
The number of public employees in Romania should be reduced by 250,000 people on the medium-term to match the numbers before 2006, an official of the International Monetary Fund said Monday.

IMF: Romania Economy To Grow 3.6% In 2011 Vs Decline In 2010

10:45, 10 Mai 2010
The International Monetary Fund forecasts Romania’s economy will grow 3.6% in 2011, following a possible minor contraction envisaged for this year, IMF mission head Jeffrey Franks said in Bucharest Monday.

Romania’s Main Opp Party Wants Higher Flat Tax On High Income, Higher VAT For Certain Products

21:14, 09 Mai 2010
Romanian opposition social democrat head Victor Ponta said Sunday, after a meeting with IMF experts, that the Social Democratic Party is in favor of increasing the flat tax for high-income social categories and increasing the value added tax for certain products.

IMF Says Romania Forced To Hike Taxes If Pension, Wage Cuts Prove Ineffective- Senate Chairman

13:38, 09 Mai 2010
Romanian Senate Chairman Mircea Geoana stated Sunday that the International Monetary Fund experts “clearly” said the Romanian Government will have to increase taxes if planned salary and pension cuts prove ineffective in point of slashing public spending and implicitly, reducing the budget deficit.

Romanian Union Leader Proposes Gradual Hike In Income Tax Instead Of Wage Cuts

21:06, 07 Mai 2010
Romania’s Cartel Alfa union confederation head, Bogdan Hossu, proposed to the country’s finance minister, as an alternative to reducing salaries in the public sector, a gradual increase in the income tax and to cease or halt the transfer of funds from the public to the private pension system.

Romanian PM To Meet With IMF Experts Saturday – Sources

20:14, 07 Mai 2010
Romanian Prime Minister Emil Boc will meet with International Monetary Fund experts on Saturday, May 8, people close to the matter told MEDIAFAX Friday.

Romania’s Announced Wage Cuts Not Our Proposal, IMF Says

14:31, 07 Mai 2010
Romania’s austerity plan to cut public salaries and pensions by 25% and 15% respectively was developed by the authorities in Bucharest and was not proposed by the International Monetary Fund, the institution told MEDIAFAX Friday.

Romanian Union Leaders Call For Talks With President, PM, Before Completion Of IMF Negotiations

14:02, 07 Mai 2010
Romania’s five union federation leaders said in an open letter Friday they want to have an emergency meeting with President Traian Basescu and Prime Minister Emil Boc before the agreement with the International Monetary Fund is finalized.

IMF Mission In Bucharest Extends Stay Until May 9

11:56, 06 Mai 2010
The review mission from the International Monetary Fund has decided to extend its visit in Romania until May 9 and to continue negotiations in Bucharest over the weekend, the Fund said Thursday.

Romania, IMF Consider Harsher Spending Cuts To Reduce Deficit – Sources

19:26, 05 Mai 2010
Romania and the International Monetary Fund are considering drastic personnel and expenditure cuts to contain the budget gap at below 7% of the gross domestic product in 2010 without having to resort to tax increases, people familiar with the talks told MEDIAFAX Wednesday.

Romania, IMF Consider Harsher Spending Cuts To Reduce Deficit – Sources

18:52, 05 Mai 2010
Romania and the International Monetary Fund are considering drastic personnel and expenditure cuts to contain the budget gap at below 7% of the gross domestic product in 2010 without having to resort to tax increases, people familiar with the talks told MEDIAFAX Wednesday.

IMF: No Comment On Romania Fiscal Measures Before Agreement

16:06, 05 Mai 2010
The International Monetary Fund won’t present any of the fiscal measures discussed with the Romanian authorities until an agreement is reached, IMF mission chief Jeffrey Franks said Wednesday.

Romanian President, PM, Ministers In Talks Over Recent Negotiations With IMF Experts

12:57, 05 Mai 2010
Romanian President Traian Basescu is in talks Wednesday, at the presidential Cotroceni palace, with Prime Minister Emil Boc and Cabinet members on recent negotiations between Romanian officials and International Monetary Fund experts, sources close to the talks told MEDIAFAX Wednesday.

Romanian Unions Push For Differentiated VAT In Talks With IMF

12:35, 04 Mai 2010
Romanian union leader Bogdan Hossu, head of national union federation Cartel Alfa, said Tuesday after a meeting with International Monetary Fund experts that Romanian unions think the country’s tax policy is inadequate and would prefer differentiated taxation, especially for VAT.

Romania’s Government Arrears Rose To RON1.6-1.7B – Fin Minister

14:59, 02 Mai 2010
Romania’s Finance Minister Sebastian Vladescu said the state’s arrears rose to 1.6-1.7 billion lei (EUR1= RON4.1276), from RON1.5 billion at the end of 2009, adding that, should the country pay all its 2009 overdue debts, its investment potential would be considerably reduced.

Romania’s Talks With IMF Difficult, Loan Agreement To Continue – Fin Minister

13:19, 02 Mai 2010
Romanian Finance Minister Sebastian Vladescu said talks with the International Monetary Fund are difficult, given Romania’s economic situation, adding that, at the moment, there is no risk the country might not continue the agreement signed with the international institution.

Romania Fin Min: IMF Forecast On ’10 GDP Growth May Be Optimistic

16:46, 27 Apr. 2010
The International Monetary Fund’s latest forecast on Romania’s economic growth of 0.8% this year, recently revised down from 1.3%, may be too optimistic, the country's Finance Minister Sebastian Vladescu said Tuesday.