IMF Keeps Romania ‘09, ’10 Budget Gap Targets Unchanged

Speaking after a meeting with Romanian employers’ associations, Franks said the IMF is analyzing an update of its current estimates for Romanian economy, which is expected to decline by up to 8.5% this year, followed by a modest growth of 0.5% in 2010.

Franks said the IMF is highly interested in learning the opinions of Romanian employers and union representatives, but the two social partners must concede that the country faces a difficult economic situation.

He said neither wages nor company profits will see the same increases as in the past years any longer.

An IMF mission is in Bucharest until November 9 to review Romania’s economic performance and its progress in complying with the terms attached to a EUR20 million IMF-led loan package.