Romania’s Unitary Pay Law Ready By Oct 1 – Fin Min

The Romanian government pledged at negotiations with the International Monetary Fund (IMF) to complete the legislation on the single and unitary salary by October 1, while the law on public pension system is due for completion by yearend, Finance Minister Gheorghe Pogea said Tuesday.

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Pogea said the law on fiscal responsibility, enabling multi-annual budgets and a spending framework on the long run, will be finished by end November.

He mentioned Romania’s letter to the IMF with respect to the EUR20 billion-aid package the country secured late March will return to the Ministry of Finance for signatures and afterward will be forwarded to the European Commission for approval.

The IMF is expected to send their reply to the letter by mid April, Pogea said.

“The letter will be signed by the minister of Public Finance and the governor (Romania’s central bank governor Mugur Isarescu – e.n.) and afterward it will be send to the European Commission to be approved at the Ecofin,” Pogea said.

The Ecofin Council will take place between May 4 and May 5.

Romanian government obtained IMF’s agreement in principle for a EUR12.95 billion standby loan, Prime Minister Emil Boc said early April.

The IMF-led financial package includes additional EUR7 billion to be borrowed from the European Union, the World Bank and the European Bank of Reconstruction and Development.

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