imf

IMF Mission May Arrive In Romania Next Week – Sources

16:44, 22 Oct. 2009
A mission of the International Monetary Fund to review Romania’s progress in meeting the terms related to a EUR13 billion loan is likely to arrive in Bucharest next week, people working with the IMF told MEDIAFAX Thursday.

Romanian Govt Faced With Tough Choices If IMF Halts Payment – Pres

15:27, 16 Oct. 2009
Romanian President Traian Basescu said Friday on national radio station RRA that if Romania does not receive the money from the IMF and EU, any government, approved or provisional, will have to decide "where to cut payment," a choice between paying salaries and wages, or paying for investments.

IMF To Visit Romania After New Govt In Place – Official

17:16, 15 Oct. 2009
The International Monetary Fund on Thursday said it will send a mission to Romania for its second review related to a EUR13 billion standby loan as soon as the country will have a new government.

IMF Defers Review Mission To After New Govt Is Formed – Romanian President

15:05, 15 Oct. 2009
The International Monetary Fund has postponed a second review mission to Romania for after the new government is formed, Romanian President Traian Basescu said Thursday.

IMF: Romania ’09 Pvt Lending Annual Growth Revised To -1.7% From +16%

19:28, 09 Oct. 2009
The International Monetary Fund revised down its forecast on Romanian private lending, which is now seen declining roughly by 1.7% on the year in 2009 from a 16.4% growth initially estimated.

Romania’s 2011 Budget Gap Still Above EU Criteria – IMF

19:23, 09 Oct. 2009
The International Monetary Fund revised up its forecast on Romania’s budget deficit for 2011 from 2.7% of the gross domestic product to 4.2% of the GDP, above the maximum ceiling required by the European Union.

IMF: Romania Unable To Curb Local Auth Spending In H1

16:26, 09 Oct. 2009
Romanian authorities were unable to rein in personnel spending with local authorities and self-financed institutions, which grew by up to 20% in the first half compared to the 6% rise in the central government, according to International Monetary Fund data.

IMF Publishes Romania’s Additional Letter Of Intent To EUR13B Loan

12:53, 08 Oct. 2009
The International Monetary Fund on Wednesday made public the additional letter of intent of the Romanian Government to the EUR12.95 billion two-year standby agreement the eastern European country secured in spring.

Loan To Romania Unconditioned By Govt Structure – IMF

09:34, 02 Oct. 2009
The changes in Romania's government will not endanger the agreement with the International Monetary Fund, IMF's Regional Representative for Romania and Bulgaria, Tonny Lybek said Thursday.

Coalition Split Pressures Romanian Leu, Endangers IMF Targets – Analysts

18:14, 01 Oct. 2009
The ruling coalition collapse will put pressure on the Romanian leu, while a minority government will endanger the targets established in the agreement with International Monetary Fund, restricting even more the central bank’s capacity to protect the currency, economic analysts said.

Romania’s Sept Forex Reserves Up EUR596M, At EUR28.34B

14:30, 01 Oct. 2009
Romanian foreign exchange reserves rose EUR596 million in September to a fresh all-time high of EUR28.339 billion, boosted by the second tranche of the International Monetary Fund loan, the central bank said in a statement Tuesday.

IMF Revises Dn Romanian ’10 External Gap Forecast To 5.6% Of GDP

11:21, 01 Oct. 2009
The International Monetary Fund revised its 2010 forecast on Romania’s current account deficit to 5.6% of the gross domestic product from 6.5% of the GDP previously estimated, according to the fund’s latest World Economic Outlook released Thursday.

Romania, IMF Highlight 10 Public Companies For Monitoring

12:53, 23 Sept. 2009
Romania's Government and the International Monetary Fund drafted a list of ten state-owned companies subject to economic performance monitoring in order to reduce the volume of subsidies, according to the additional letter of intent to the EUR12.95 billion stand-by loan signed with the Fund.

Govt Ordinance On Additional Letter Of Intent With IMF Published In Official Gazette

10:21, 23 Sept. 2009
The Government Emergency Ordinance on approving the additional letter of intent to the EUR12.95 billion stand-by loan signed by Romanian and the International Monetary Fund was published Wednesday in the Official Gazette, thus enabling IMF to grant the second tranche of the loan.

Romania To Get 2nd Tranche From IMF Very Soon – PM

17:48, 22 Sept. 2009
Romania will receive a second tranche from the International Monetary Fund loan very shortly and it will use half of the EUR1.85 billion to finance the budget deficit, Prime Minister Emil Boc said Tuesday.

Romania Govt Proceeds To Accept IMF 2nd Installment

12:38, 22 Sept. 2009
The Romanian Government will meet Tuesday, at 4 p.m. local time, to approve the second tranche of the loan granted by the International Monetary Fund and the supplementary letter of intent to the stand-by agreement.

IMF Board OKs Romania’s Access To EUR1.85B Tranche

08:19, 22 Sept. 2009
The International Monetary Fund's Executive Board late Monday granted Romania access to EUR1.85 billion, the second tranche of a EUR13 billion loan, and approved a higher budget deficit target.

IMF Board To Discuss First Review Of Romania’s Agreement Sept 21

12:28, 14 Sept. 2009
The Board of the International Monetary Fund will analyze and file for approval on September 21 the first review of the stand-by agreement with Romania, as well as the request to change certain performance criteria, according to IMF data.

IMF Sends 2nd Review Mission To Romania In Oct-Nov

15:10, 08 Sept. 2009
The International Monetary Fund will conduct late October or early November a second review on Romania’s progress in meeting the terms of a EUR19.95 billion IMF-led aid package, a fund's representative told Mediafax Tuesday.

Romanian Prime Min To Grant Mins New Funds At The Second Budget Revision

14:47, 21 Aug. 2009
Romanian Prime Minister Emil Boc said Friday the Justice Ministry, the Ministry of Interior, the Education Ministry and the Labor Ministry will receive additional funds at the next budget revision, and the infrastructure investment projects will also benefit from greater finance.

Romania Ctrl Bk To Use Own Cash To Refund EUR5B IMF Loan Tranche – Fin Min

15:32, 18 Aug. 2009
The Romanian central bank will use its own funds to repay a EUR5 billion first tranche from a total EUR13 billion loan agreed with the International Monetary Fund, and not public money, the country’s Finance Ministry said Monday.

Romania To Get $1.4B At IMF’s Special Drawing Rights Allocation

09:46, 14 Aug. 2009
The International Monetary Fund on Thursday said it will allocate Romania some $1.4 billion as part of a larger program to inject $250 billion into member states’ foreign exchange reserves to boost liquidity.

IMF Official: VAT Increase Up To Romanian Govt

16:32, 12 Aug. 2009
A possible increase of the value added tax in Romania may only be decided by the government, but tax hikes should be unnecessary if the economy recovers sooner than expected, a top official with the International Monetary Fund said Wednesday.

Romania Pledges ‘Drastic’ Spending Cuts By Yearend

19:16, 11 Aug. 2009
The Romanian government has pledged “drastic” spending cuts on goods and services in the public sector, by 0.5% of the gross domestic product, according to the additional letter to a EUR12.95 billion standby agreement with the International Monetary Fund.

Romania’s Wage Expenses To Drop 0.5% Annually, To Below 6% Of GDP By 2015 – IMF

16:13, 10 Aug. 2009
Romania’s budget spending on wages in the public sector will be lowered by an annual 0.5% of GDP starting 2010, to end below 6% of GDP in the next four to five years, the International Monetary Fund said Monday.

Romania, IMF Set 2010 Budget Def Below 6% – Sources

16:02, 10 Aug. 2009
Romanian authorities and the International Monetary Fund have agreed on a budget deficit below 6% of the gross domestic product in 2010, from a 7.2% cap allowed this year, people familiar with the talks said Monday.

Romania’s Letter Of Intent To IMF Includes No Figures Regarding Layoffs

15:48, 10 Aug. 2009
Romanian Prime Minister Emil Boc said Monday, that the letter of intent addressed to the International Monetary Fund (IMF) makes no reference to any number of layoffs and such measures will not be arbitrary but will depend on cost analyses made by the government.

IMF: Parent Bks Pledge To Keep Exposure To Romania

12:42, 10 Aug. 2009
The parent banks of Romania’s top nine lenders have signed last week bilateral agreements to keep exposure to Romania unchanged from March’s level and maintain solvency rates above 10%, the International Monetary Fund said in a statement Monday.

IMF Agrees To Scrap Plan Forcing Romania To Sack 150,000 State Employees – Sources

11:54, 10 Aug. 2009
Romania’s Social Democratic Party obtained in talks with the International Monetary Fund the elimination of a plan to lay off 150,000 public sector employees and the reduction of unpaid vacation to ten days from a previosu three weeks, sources within the party told MEDIAFAX Monday.

IMF Mission To Romania To Present Conclusions On Monday

18:14, 09 Aug. 2009
The delegation of the International Monetary Fund (IMF) will present in a press conference on Monday at 13:30 local time the conclusions of the first evaluation of the stand-by loan agreement with Romania approved by the board of the institution in May, the IMF said on Sunday.

IMF, Romanian Govt Talk On Freezing Wages, Pensions, Laying Off 10% Of Public Servants

19:28, 08 Aug. 2009
The IMF is negotiating with the Romanian Government the layoff of 100,000-150,000 state employees until the middle of next year, freezing pensions in 2009 and 2010 except the minimum social ones and wages, until the unitary pay law produces its effects, government sources told MEDIAFAX.

Romania To See Second Budget Revision In August – PM

18:33, 08 Aug. 2009
Romania’s Government scheduled this year’s second budget revision for August, Prime Minister Emil Boc said Saturday.

Romanian Govt Might Cut Budget Spending For Local Auth, State Companies By EUR1B – Sources

14:53, 08 Aug. 2009
The Romanian Government is in talks with the International Monetary Fund (IMF) to reduce the planned budget spending by EUR1 billion, mainly through closer surveillance and a limit on the sums used by the local administration and the large state companies, official sources said.

IMF Restricts Romania’s Invest In Road Infrastructure – Transp Min

18:14, 06 Aug. 2009
The International Monetary Fund opposes Romania’s authorities decision to continue the construction of roads and highways with funds from the European Investment Bank, as it triggers a higher budget deficit, Transport Minister Radu Berceanu said Thursday.

IMF Financing Might Boost Romania’s Economy – Ctrl Bker

13:54, 06 Aug. 2009
Romanian central bank governor Mugur Isarescu Thursday said that directing the EUR1.9 billion second tranche from the International Monetary Fund loan to finance the budget deficit could help revive the economy.

Romanian President Wants 2nd IMF Loan Tranche To Fund Budget Deficit

12:01, 06 Aug. 2009
Romanian President Traian Basescu said late Wednesday that he would talk to IMF representatives on using the second tranche of the IMF loan to finance the budget deficit instead of raising central bank's foreign currency reserves.

IMF Keeps Initial Calendar For Romania’s Adoption Of Public Sector Pay Law But Is Open To Talks

15:56, 05 Aug. 2009
The International Monetary Fund (IMF) maintains the calendar for the adoption by Romania of a single and unitary law regulating salaries across the public sector, but is open to talks with government on the matter, said Wednesday, Jeffrey Franks, head of the IMF mission to Romania.

Romania’s 09 GDP Contraction Seen Above 8% In New Scenario – Sources

12:18, 05 Aug. 2009
Romania’s 2009 economic contraction is forecast at 8%-8.5% in a new scenario to modify the macroeconomic frame on which the country’s agreement with the International Monetary Fund was based, according to people involved in negotiations with the IMF.

Romanian Govt Officials To Meet With IMF Delegation Wednesday

12:02, 05 Aug. 2009
Romanian Prime Minister Emil Boc and all ministers will meet with the delegation of the International Monetary Fund (IMF) at the Romanian Government headquarters, around 17:30 local time, after the weekly meeting of the government, government sources told MEDIAFAX Wednesday.

Romania PM Set To Discuss With IMF Officials Wednesday – Sources

09:43, 05 Aug. 2009
Romanian Prime Minister Emil Boc wants to meet with the representatives of the International Monetary Fund (IMF) Wednesday evening, after the weekly meeting of the Romanian Government, for talks on the country’s economic situation and anti-crisis measures, according to official sources.