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Romanian Senate Raises Its Budget For 2011 By 30%

13:21, 02 Nov. 2010
The Romanian Senate adopted Tuesday with 86 votes in favor, two against and two abstentions its budget for 2011, which amounts to 127,900,000 lei (EUR1=RON4.2848), up about 30% compared to its budget for this year.

Romania Ctrl Bk Sets CPI Target At 3% For 2012, 2.5% As Of 2013

12:42, 02 Nov. 2010
Romania’s central bank Tuesday decided to keep the 2012 inflation target at 3%, with one percentage point variation band, and to adopt a flat multi-annual inflation target of 2.5%, plus/minus 1 percentage point, as of 2013.

Romania’s Tourist Brand Declared Genuine And Unique – Tourism Minister

12:39, 02 Nov. 2010
The Office of Harmonization for the Internal Market (Trade Marks and Designs), or OHIM, and the State Office for Inventions and Trademarks (OSIM) have declared Romania’s tourist brand genuine and unique, the country's Tourism Minister Elena Udrea said Tuesday.

Romania Central Bank Leaves Key Rate Unchanged At 6.25%

12:34, 02 Nov. 2010
Romania’s central bank Tuesday left its main interest rate at a record low of 6.25% a year for the fourth consecutive time as it continues battling rising inflation following a raise in the sales tax.

Romania, Facebook Work Together To Promote Country As Tourist Destination

11:37, 02 Nov. 2010
Romania’s Tourism Ministry will collaborate with social networking website Facebook to promote the country as a tourist destination, minister Elena Udrea told a news conference Tuesday.

President Says Romania Can Spend RON39B On Public Sector Salaries In 2011

09:40, 02 Nov. 2010
Romanian President Traian Basescu said Monday evening on public television that Romania will be able to spend 39 billion lei (EUR1=RON4.2771) on public sector salaries in 2011, under the loan agreement with the International Monetary Fund.

Romanian President Traian Basescu Says Won’t Sign Tax-Lowering Bills Into Laws

09:38, 02 Nov. 2010
Romanian President Traian Basescu said Monday evening on public television that he won’t sign into laws the bills lowering VAT on food and exempting small pensions from income tax.

Romanian Ex General Mihai Chitac Dies After Long Illness

18:47, 01 Nov. 2010
Romania’s former high-ranking General Mihai Citac, 82, died Monday morning, around 10 a.m., at his home in capital Bucharest.

IMF: Romania Ctrl Bk Likely To Resume Easing Policy In H1 2011

18:32, 01 Nov. 2010
Romanian central bank could resume its monetary easing policy in the first half of 2011, after an increase in the sales tax introduced earlier this year has forced the process into a temporary halt, an official of the International Monetary Fund said Monday.

IMF: Arrears Of Romania’s 10 Biggest Money-Losing Cos At RON7B

17:59, 01 Nov. 2010
Romania’s top ten money-bleeding state companies have combined arrears worth 7 billion lei (EUR1=4.2771), an official of the International Monetary Fund said Monday.

Romanian Railway Passenger Carrier CFR Calatori To Lay Off 2,200 People In 2011

16:23, 01 Nov. 2010
Romanian railway passenger carrier CFR Calatori plans to lay off around 2,200 employees next year, 15% of its staff of 15,000, and invest EUR957 million by 2019 into engines, ticket dispensers and a train access gate control system.

Romanian PM Pledges To Sell Or Reorganize State-Owned Cos

14:53, 01 Nov. 2010
The Romanian Government will continue the privatization or restructuring of state-owned companies, but will keep majority stakes in strong firms such as gas transporter Transgaz (TGN.RO), Prime Minister Emil Boc said Monday after negotiations with the International Monetary Fund.

IMF: Romanian Minimum Wage Will Be Set Following Talks Btw Govt, Social Partners

14:44, 01 Nov. 2010
A final decision on the level of the minimum wage will be made after the Romanian Government holds talks on the matter with social partners, employers’ associations and unionists, IMF mission head Jeffrey Franks told a news conference Monday.

Romania PM Says 2011 State Budget Won’t Consider Tax-Lowering Bills

14:43, 01 Nov. 2010
Romanian Prime Minister Emil Boc said Monday the 2011 state budget won’t consider the two recently adopted bills lowering VAT on food and exempting small pensions from income tax because they would significantly widen the deficit.

Mig 21 Lancer Crashes In C Romania, Two Dead

14:37, 01 Nov. 2010
A supersonic jet fighter aircraft MiG 21 Lancer crashed Monday near Campia Turzii, central Romania, and the two members of the crew died.

Romania Must Adopt Public Wage Law, State Budget, Pension Law To Get Loan Tranche – IMF

14:27, 01 Nov. 2010
The public sector wage law, approving the 2011 state budget and pension reform are among the issues cited by the IMF as requiring that the next tranche of the loan be released to Romania in January, a month later than originally scheduled.

Romania, IMF To Discuss Follow-Up Deal In Q1 2011

14:25, 01 Nov. 2010
Romania and the International Monetary Fund will discuss the terms of a possible follow-up loan agreement at the fund’s next review mission to Bucharest in 2011, IMF mission head Jeffrey Franks said Monday.

IMF Sees Positive Q4 GDP Growth In Romania

13:53, 01 Nov. 2010
The International Monetary Fund on Monday estimated Romania economy will return to positive territory in the fourth quarter, followed by a more consistent growth of 1.5% in 2011.

IMF: Romania Should Keep Tax System Stable For Couple Of Years

13:13, 01 Nov. 2010
The International Monetary Fund recommended Romania maintained its tax system broadly unchanged for the next two years to ensure stability in the business and consumption sectors, IMF mission chief Jeffrey Franks said Monday.

IMF Requests Sale Or Liquidation Of Monitored Romanian Cos

13:05, 01 Nov. 2010
Romanian state-owned companies monitored by the International Monetary Fund and the European Commission widened losses in the last months, prompting the financial institutions to recommend their privatization or liquidation, Monday said Jeffrey Franks, chief of the IMF delegation to Romania.

IMF: Romania Should Change Consumer Loan Ordinance

12:53, 01 Nov. 2010
The International Monetary Fund and European Commission officials Monday insisted Romania changed its consumer loan ordinance to better suit lenders and customers alike, but declined to specify whether new aid from a EUR20 billion lifeline depends on the act being modified.

IMF May Release Next Tranche To Romania In January

12:03, 01 Nov. 2010
The International Monetary Fund might disburse the next tranche in January after the Romanian government fulfills the conditions discussed during the sixth review of the EUR13 billion stand-by loan, an IMF official said Monday.

Romanian President Says Govt Found New Ways To Reduce Budget Deficit

19:10, 31 Oct. 2010
Romanian President Traian Basescu said Sunday evening at the beginning of talks with International Monetary Fund, European Commission and World Bank representatives that the Government found new means to reduce the country’s budget deficit.

Romanian Ovidiu Rom Association’s Halloween Charity Ball Raised Over EUR500,000

17:41, 31 Oct. 2010
The sixth edition of the Halloween Charity Ball, held Saturday at the Palace of Parliament in Romania’s capital Bucharest, raised over EUR500,000 and the funds will be used to help 1,200 poor children to attend kindergarten.

Romania’s Negotiations With IMF Come To Deadlock Over Consumer Loan Issues

15:37, 31 Oct. 2010
Romanian authorities' negotiations with the International Monetary Fund came to a deadlock mainly due to problems raised by a Government emergency ordinance regarding consumer loans, and the IMF mission might prolong its assessment visit to Romania, people with direct knowledge of talks told MEDIAFAX Sunday.

Romanian Banks’ 9-Mo Losses At RON474.5M

13:37, 31 Oct. 2010
Romanian banking system losses increased by 240.5 million lei (EUR1=RON4.2664) in the third quarter of the year, to RON474.5 million at the end of September, but most major banks reported profit.

Romanian NCO Injured In Military Drill Dies In Hospital

18:43, 30 Oct. 2010
Romanian noncommissioned officer Gavril Nicorici, 26, died Saturday afternoon after being severely injured during a military drill on a shooting ground in Brasov county, central Romania, the Defense Ministry said in a press release.

Romanian Govt To Compel Local Authorities To Take Over Arrear Payments – Sources

20:58, 29 Oct. 2010
The Romanian Government will compel local authorities starting next year to include arrear payments in their budgets and halt spending until they pay off overdue debts, people close to the matter told MEDIAFAX Friday evening.

IMF: Romania To Ask For New Waiver On Govt Arrears

19:33, 29 Oct. 2010
Romania hasn’t met the end-September performance criteria in the sector of general government arrears and it will ask the International Monetary Fund for a new waiver of non-observance, IMF mission chief Jeffrey Franks said Friday.

Romanian President Proposes Economic Sanctions For Nonobservance Of SGP

18:29, 29 Oct. 2010
Romanian President Traian Basescu told a news conference in Brussels Friday that Romania considers economic sanctions are a more efficient measure against states failing to observe the Stability and Growth Pact (SGP).

Romanian Opposition Parties Submit New No-Confidence Motion In Parliament

16:53, 29 Oct. 2010
Romanian opposition social democrats and liberals on Friday submitted a new no-confidence motion in Parliament against the Government after the latter sought the lawmakers’ vote of confidence to pass the education reform into law.

Romanian President Traian Basescu Invites Parliamentary Parties For Talks Tuesday

16:12, 29 Oct. 2010
Romanian President Traian Basescu invited parliamentary parties for talks on Tuesday, November 2, and the issues to be discussed concern the conclusions of the 2010 fall meeting of the European Council, the future relations with the IMF and the country’s accession to the Schengen area.

Romania Must Cut Arrears To Get New IMF Aid – Sources

14:50, 29 Oct. 2010
The International Monetary Fund is likely to ask Romanian government to pay at least part of its arrears to companies before disbursing a new installment of its EUR13 billion loan, people familiar with the matter said Friday.

Romanian Opp Social Democrat Leader Doubts New No-Confidence Motion To Topple Govt

13:57, 29 Oct. 2010
Romanian Social Democratic Party president Victor Ponta said Friday he does not expect the no-confidence motion opposition liberals and social democrats plan to submit over the education bill will succeed in overthrowing the Cabinet.

Romanian Govt Approves Legal Frame To Set Up National Visa Information System

21:02, 28 Oct. 2010
The Romanian Government Thursday approved the legal frame to set up a national visa information system which will enable the country to connect to the European Union Visa Information System, said Government spokeswoman Ioana Muntean.

Romanian Govt Adopts Decree Allowing Retroactive Contributions To Public Pension System

19:05, 28 Oct. 2010
The Romanian Government Thursday adopted an emergency ordinance whereby people who had not contributed to the public pension system over the past five years will be able to pay contributions retroactively for the said period.

Romanian President Pledges Not To Promulgate Two Controversial Bills

17:24, 28 Oct. 2010
Romanian President Traian Basescu promised International Monetary Fund officials he will not promulgate the bills reducing the value added tax on basic foods to 5% and lifting the income tax off pensions lower than 2,000 lei (EUR1=RON4.2643), people close to the matter told MEDIAFAX Thursday.

EBRD Ups Romania GDP Forecast To -2% In 2010

17:10, 28 Oct. 2010
The European Bank for Reconstruction and Development Thursday revised upward its forecast for Romanian economy to minus 2% in 2010, from a contraction of 3% previously estimated, citing slightly improvements over recent months.

IMF: Consumer Credit Law Could Cost Romania Banks Hundreds Of Millions

17:08, 28 Oct. 2010
Romanian lenders are likely to lose hundreds of millions in euros unless the current version of the consumer credit law is amended so it doesn’t affect older loans, an official of the International Monetary Fund said Thursday.

EP Committee Admits Petitions Against Introducing Mass Media In Romania’s Defense Strategy

15:04, 28 Oct. 2010
The European Parliament’s Petitions Committee has declared admissible the petitions filed by the Romanian Democratic Union Confederation (CSDR) and Romanian Journalists’ Federation MediaSind to have an article picturing mass media as vulnerability eliminated from the country’s Defense Strategy.