imf

Romania Asks IMF For New Waiver On Govt Arrears – Fin Min

13:55, 28 Iul. 2010
Romania hasn’t met the first half-year performance criteria in the sector of general government arrears and it will ask the International Monetary Fund for a new waiver of non-observance, Finance Minister Sebastian Vladescu said Wednesday.

Romania’s 1H Budget Deficit At RON18.1B, Meets IMF Target

11:56, 28 Iul. 2010
Romania's consolidated budget posted a deficit of 18.07 billion lei (EUR1=RON4.2476) in the first year-half, below the target agreed with the International Monetary Fund, the Finance Ministry said in a statement Tuesday.

IMF: Romania Economy Could Turn To Growth In 2011

18:04, 27 Iul. 2010
The International Monetary Fund’s mission chief to Bucharest, Jeffrey Franks Tuesday said Romanian economy could turn to growth next year, adding he doesn’t share more pessimistic outlooks forwarded by analysts.

Romania Fin Min Dismisses Talks About New IMF Loan

14:17, 27 Iul. 2010
Romanian Finance Minister Sebastian Vladescu on Tuesday dismissed talks with the International Monetary Fund regarding a new loan agreement.

Romanian SMEs Assoc: IMF To Revise ’10 GDP Forecast To -2%

13:06, 27 Iul. 2010
The International Monetary Fund estimates Romanian economy will contract by around 2% this year and will pick up modestly in 2011, head of the National Council of Private SMEs, Ovidiu Nicolescu said Tuesday.

IMF, Romania Discuss New Loan Agreement – Employers’ Assoc

12:43, 27 Iul. 2010
Romanian authorities and the International Monetary Fund are discussing a possible new loan to the eastern European country, the head of Romanian employers’ confederation UGIR-1903 said Tuesday, citing talks with IMF mission chief Jeffrey Franks.

IMF To Revise Romania’s 2010 Economic Forecast

13:45, 26 Iul. 2010
The International Monetary Fund is expected to revise its forecast on Romanian economic growth for 2010 shortly, a fund official said Monday, hinting that the revision will be more optimistic compared to a 3% contraction envisaged by the European Bank for Reconstruction and Development.

No Liquidity Problems For Romania – Fin Min

15:00, 23 Iul. 2010
Romania has the means to deal with current costs and it faces no liquidities problems whatsoever, Finance Minister Sebastian Vladescu said Friday, adding that the ministry’s main concern is to ensure adequate financing costs.

IMF Loan May Have Saved Romania From Default – Ctrl Bker

14:22, 21 Iul. 2010
Romania’s economic growth can’t be sustained without foreign capital and the country would have entered into default if not for the EUR20 billion aid package led by the International Monetary Fund, a central bank official said Wednesday.

Romanian Ctrl Bk, IMF To Analyze Foreign Bks’ Local Exposure On July 22

20:14, 06 Iul. 2010
The parent banks of Romania’s top nine lenders will meet on July 22 in Brussels with representatives of the International Monetary Fund, the European Commission and the country’s central bank for the fourth evaluation of the agreement sealed in March 2009, official sources told MEDIAFAX.

IMF To Visit Romania July 26 – August 4

18:31, 05 Iul. 2010
The International Monetary Fund will send a mission to Romania between July 26 and August 4 for the fifth review of the country’s EUR13 billion loan agreement signed last year, the IMF said in a statement Monday.

Romania To Maintain IMF-Agreed 6.8% Deficit Target After Floods – PM

16:25, 04 Iul. 2010
Romania’s Prime Minister Emil Boc said Sunday, during a visit to a severely flood-hit village in northeastern Suceava county, no discussions have been held with the IMF regarding a higher deficit target.

IMF To Maintain Romania’s 2010 GDP Forecast

14:13, 04 Iul. 2010
The IMF will not significantly alter its forecast on Romania’s 2010 GDP, expected to see a 0.5% decrease this year, following the recently announced VAT hike and public sector wage cut, IMF mission head to Romania Jeffrey Franks told MEDIAFAX.

IMF, Romania To Discuss New Agreement Once Govt Sends Clear Signal Of Intent

14:11, 04 Iul. 2010
Romania might begin talks on a new precautionary or standby agreement with the IMF during the coming months, should the country’s Government send a clear signal of intent, IMF mission head Jeffrey Franks told MEDIAFAX.

IMF Ups Romania’s 2010 Inflation Target To 7.9% After VAT Hike

14:09, 04 Iul. 2010
The board of the International Monetary Fund approved Friday to increase Romania’s 2010 standby agreement inflation target from 3.5% to 7.9%, following the VAT hike to 24%, evaluation mission head Jeffrey Franks told MEDIAFAX.

IMF Praises Romania’s Efforts To Restore Macroeconomic Stability

12:41, 03 Iul. 2010
Romania has taken significant steps toward restoring macroeconomic stability and adjusting pre-recession imbalances, says a press release issued Friday by John Lipsky, first deputy managing director of the International Monetary Fund.

IMF Approves EUR900M Disbursement For Romania

12:08, 03 Iul. 2010
The International Monetary Fund Friday approved the disbursement of approximately EUR900 million to Romania, following a new review of the country’s performance under a EUR13 billion standby agreement.

Romania Could Ask IMF For Higher Deficit Target To Cushion Flood Effects

18:59, 01 Iul. 2010
Romania could ask the International Monetary Fund to allow it run a higher budget deficit in 2010 to cope with the effects of devastating flooding that already killed 22 people and forced thousands out of their homes, Transport Minister Radu Berceanu said Thursday.

IMF Welcomes Romania’s Quick Response To Court Ruling

18:07, 29 Iun. 2010
The International Monetary Fund Tuesday applauded the Romanian government for quickly identifying compensatory measures after the country’s highest court rejected part of an austerity plan to cut the budget deficit.

Romania May Ask IMF For New Waiver On Govt Arrears At Next Review

15:23, 29 Iun. 2010
Romania hasn’t met the first half-year performance criteria in the sector of general government arrears and it could ask the International Monetary Fund for a new waiver of non-observance, Finance Minister Sebastian Vladescu said Tuesday.

IMF To Decide On EUR850M Loan Tranche For Romania Friday

12:43, 29 Iun. 2010
The International Monetary Fund’s board will convene on July 2 to review Romania’s progress under a EUR13 billion loan agreement and decide on whether to disburse a new tranche to the country, Finance Minister Sebastian Vladescu said Tuesday.

VAT Hike Accepted By IMF, Will Add RON3.5-4B To Budget – Romanian Fin Min

14:34, 26 Iun. 2010
Romanian Finance Minister Sebastian Vladescu said Saturday the VAT hike has already been agreed upon with the International Monetary Fund and is expected to provide 3.5-4 billion lei (EUR1=RON4.2808) to the state budget, allowing the country to meet the 6.8% of GDP budget deficit target.

IMF Board Postpones Meeting On Loan Agreement With Romania

13:23, 26 Iun. 2010
The International Monetary Fund board meeting to analyze the stand-by agreement with Romania, initially scheduled for June 28, has been postponed as the IMF is evaluating the impact of the Constitutional Court’s ruling on the Government’s program of public spending cuts.

ING: Court Ruling To Plunge Romania Into Political Turmoil

23:37, 25 Iun. 2010
Romania is likely to face a period of political uncertainty after the Constitutional Court rejected part of the government’s austerity plans to slash public spending, putting downward pressure on the leu and increasing financing costs, an official at ING Romania said Friday.

IMF Could Halt Tranche If Romania Unable To Make Fiscal Adjustments – RBS

23:32, 25 Iun. 2010
Romania’s EUR13 billion loan agreement with the International Monetary Fund could come to a halt unless the government is able to legislate fiscal adjustments in time for a new disbursement, RBS analyst Timothy Ash told MEDIAFAX Friday.

Romania’s Govt To Disclose Alternative Austerity Plan After Talks With IMF, WB – Interior Min

18:08, 25 Iun. 2010
Romanian Interior Minister Vasile Blaga said Friday that the Government will bring out its alternative austerity plan after discussions with the International Monetary Fund and the World Bank.

Interior Minister Says Romania Needs A New IMF Loan Agreement

14:04, 13 Iun. 2010
Romania’s democrat liberal Interior Minister Vasile Blaga told an interview for Pro Tv that he thinks Romania needs to conclude a new agreement with the International Monetary Fund, which implies a new loan, but stressed, however, that the issue hasn’t been discussed by Government members.

Romania Maintained Current VAT Level To Avoid Inflation Rate Increase – Ctrl Bker

14:42, 30 Mai 2010
Romanian Adrian Vasilescu, an adviser to the central bank governor, said Sunday that a value added tax increase from 19% to 24% would have lead to a two-figure inflation rate, making it impossible for Romania to access foreign market loans, although the country depends on foreign capital.

Romania To Limit 2011 Budget Expenses To Level Resulted After 2010 Spending Cuts

13:56, 27 Mai 2010
Romania will apply salary and pension cut measures until the and on the year and starting January 1, 2011 the Government will implement social and staff policies meant to keep budget expenses within the limits resulted after applying this year’s cost-cutting measures.

Romania’s Govt Coalition Discusses Letter Of Intent To IMF

11:10, 26 Mai 2010
Leaders of Romania’s centrist coalition of democrat liberals and the Hungarian minority party met Wednesday morning at the Government’s headquarters to discuss the country’s letter of intent to the International Monetary Fund, which the Government will adopt later in the day.

Romanian Econ Min: Termoelectrica Will Be Liquidated

16:03, 25 Mai 2010
Romania’s Economy Ministry will comply with the International Monetary Fund’s requests, so that the viable units of state-run power producer Termoelectrica will be separated from the parent-company that will enter liquidation procedures, minister Adriean Videanu said Tuesday.

Two Romanian Employers’ Confederations Withdraw Support Of Letter Of Intent To IMF

17:30, 24 Mai 2010
Romanian employers’ confederations UGIR-1903 and CONPIROM decided Monday to no longer support the Government’s letter of intent to the IMF and to abstain in the Economic and Social Committee vote Tuesday, stating that employers should not decide in the matter of pension and public sector wage cuts.

IMF Recommendations Focused On Increasing Romania’s Budget Revenue

13:34, 22 Mai 2010
In talks with Romanian authorities, the International Monetary Fund focused on increasing budget revenue by hiking the VAT and flat tax, as well as introducing progressive taxation, but certain difficult expense cuts would have been included in any scenario, says a Fund press release.

Romanian PM Meets Employers Friday For Talks On IMF Letter Of Intent

11:08, 21 Mai 2010
Romanian Prime Minister Emil Boc meets Friday with employers’ representatives for talks on Romania's letter of intent with the International Monetary Fund, people close to the matter told MEDIAFAX.

Romanian Unionists To Lobby Against Adoption Of IMF Letter In Parliament

18:36, 20 Mai 2010
Romanian Cartel Alfa union federation leader Bogdan Hossu said Thursday, after talks at the Finance Ministry, that there is no hope of the cost-cutting measures included in the letter of intent with the IMF will be altered, adding unionists will lobby against the letter’s adoption in Parliament.

Romanian Union Leaders Meet Fin Min Thursday To Discuss Spending Cuts

12:48, 20 Mai 2010
Leaders of Romania’s large union federations meet Thursday with Finance Minister Sebastian Vladescu to discuss spending cut measures included in Romania’s letter of intent with the International Monetary Fund.

Romania’s Govt Wants To Adopt IMF Letter Of Intent Next Week

21:15, 19 Mai 2010
Romania’s Government wants to adopt in its next week’s meeting the letter of intent to the loan agreement with the International Monetary Fund after negotiations with unions and employers, people close to the matter told MEDIAFAX Wednesday.

Romanian Govt To Seek Confidence Vote In Parliament For Drastic Spending Cuts

16:15, 19 Mai 2010
Romania’s Government will seek a confidence vote in Parliament for the speedy adoption of the country’s planned spending cuts, Prime Minister Emil Boc said Wednesday during the Cabinet meeting.

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.