romania

World Bank: Romanian Public Sector Simply ‘Too Costly’

14:23, 16 Aug. 2010
Romania has an inefficient, highly costly public sector and the government needs to trim administrative spending toward levels more suited for its capacity to attract revenue, the World Bank said Monday.

Romania, Sole Net Debtor In EU New Members – Fiscal Council

16:21, 11 Aug. 2010
Romania is the only country out of 10 states that joined the European Union after 2004 who are in the position of net debtor, with a negative balance of EUR455.9 million for the years 2007-2009, the Fiscal Council said Wednesday.

Fitch Affirms Romania At ‘BB+’; Outlook Stable

16:16, 09 Aug. 2010
Fitch Ratings on Monday affirmed Romania's long-term foreign and local currency issuer default ratings (IDRs) at 'BB+' and 'BBB-' respectively, with stable outlooks, citing the country’s improved external position and sufficient government action to cut the budget deficit.

Romanian Entrepreneurs Compelled To Return Funds If EU Projects Carried Out Illegally – PM

12:15, 06 Aug. 2010
Romanian Prime Minister Emil Boc Friday warned the representatives of small and medium enterprises (SMEs) that they will be compelled to return the money granted by the European Union if their EU-financed projects are not transparent and do not observe the law.

Romania Engages To Raise Tariffs Of 10 Largest Loss-Making Public Cos

20:58, 04 Aug. 2010
Romania’s government promised the International Monetary Fund to raise the tariffs of the 10 largest loss-making state-run companies, inclusively passenger rail company CFR Calatori, electricity producer Termoelectrica and subway company Metrorex.

Romania To Change Ordinance On Consumer Credit Contracts

19:15, 04 Aug. 2010
Romania’s government will change the ordinance on consumer credit contracts, so that the normative would comply with the European Union legislation, mainly as regards non-retroactivity.

Romania’s Govt To Freeze Pensions In 2011

18:50, 04 Aug. 2010
Romania’s Government will not increase pensions in 2011 and will eliminate the 13th salary, vacation bonuses and heating subsidies, according to an additional letter of intent to the stand-by agreement with the International Monetary Fund, obtained by MEDIAFAX.

Romanian Govt Pledges To Sack 74,000 State Employees In 2010, At Least 15,000 In 2011

17:49, 04 Aug. 2010
Romania’s Government pledged to lay off 74,000 state employees by the end of 2010 and at least 15,000 more in 2011, according to a letter of intent on the stand-by agreement with the International Monetary Fund, obtained by MEDIAFAX.

Oil Spill Detected In Black Sea, Close To Romanian, Bulgarian Seashore

15:38, 04 Aug. 2010
Several oil slicks have been detected via satellite in the Black Sea, close to the Romanian and Bulgarian seashore, Novinite.com reported on Wednesday.

Romanian Labor Committee Assigned To Complete Pension Bill Report By Sept 1

14:50, 04 Aug. 2010
The Standing Bureau of the Romanian Chamber of Deputies decided Wednesday to assign the labor committee to complete the report to the unitary pension law by September 1, said Chamber of Deputies Speaker Roberta Anastase.

Hydrologists Issue Code Yellow Flood Alert For Rivers In C, S, W Romania

13:52, 04 Aug. 2010
Romanian hydrologists issued Wednesday a code yellow flood advisory for several rivers in the central, southern and western parts of the country and, due to precipitation expected in the upcoming 24 hours, waters could exceed alert levels by Thursday afternoon.

Romania’s Employment Rate Among Lowest In EU – Eurostat

13:26, 04 Aug. 2010
Romania has one of the lowest employment rates in the European Union for people aged 15 to 64, of just 58.6% in 2009, while the European average is at 64.6%, the EU’s statistical office Eurostat said Wednesday.

Romania’s Govt Asks IMF To Extend Pension Bill Adoption Deadline

12:19, 03 Aug. 2010
Romania’s Government asked the International Monetary Fund to extend until September 30 the deadline by which the unitary pension bill should be adopted in Parliament, after the IMF called on authorities to make sure the draft law is adopted by September 15, people close to the matter said Tuesday.

Romania’s 2011 Salary Fund, Public Sector Layoffs Allow Wage Rise – Fin Min

21:19, 02 Aug. 2010
Romania could raise salaries by an average of over 10% if 60,000 positions in the public sector are eliminated and considering a 2011 salary fund of 39 billion lei (EUR1=RON4.2463), Finance Minister Sebastian Vladescu said Monday.

Romania’s 2011 Draft Budget Eyes 2% Econ Growth, 4.4% Deficit

19:52, 02 Aug. 2010
Romania’s next year draft budget, discussed with the International Monetary Fund, stipulates a 1.5-2% economic growth and a budget deficit of 4.4% of the gross domestic product, Finance Minister Sebastian Vladescu said Monday.

Romanian Govt Approves Fiscal Code Application Norms

19:24, 02 Aug. 2010
Romania’s Government approved Monday the application norms for recent amendments to the Fiscal Code, which extend the tax pool and introduce social security contributions for income gained from copyright.

Romanian Police Union Threatens Protests Over Planned Layoffs

15:28, 02 Aug. 2010
Romanian police unionists will stage protests if the bodies subordinated to the Interior Ministry are restructured, union leader Marin Gruia told MEDIAFAX Monday.

Romania Fin Min Says Talks With IMF Don’t Tackle Further Tax Hikes

11:10, 30 Iul. 2010
Talks between Romanian authorities and the International Monetary Fund’s mission don’t include further tax increases for the country, either this year or in 2011, Finance Ministry Sebastian Vladescu said Friday.

Romania’s Wage Law Must Be Amended To Show Results In 2011 – IMF Official

17:09, 29 Iul. 2010
The International Monetary Fund’s mission chief to Bucharest, Jeffrey Franks, said Thursday after talks with Romanian Labor Minister Mihai Seitan that the country’s unitary wage law must be amended so that its principles take effect in 2011.

Romania Launches Tourist Brand At Shanghai Expo

13:31, 29 Iul. 2010
Romania’s tourist brand, under the slogan "Explore the Carpathian garden", was launched Thursday at the 2010 World Expo in Shanghai.

Romanian Foreign Min Wants To Entice Chinese Tourists Into Visiting Romania

12:53, 29 Iul. 2010
Romania’s Foreign Affairs Minister Teodor Baconschi told a news conference in Shanghai, on Thursday, that he will hold talks with Chinese officials on easing visa procedures so that Chinese citizens start visiting Romania.

Romanians Occasionally Gaining Copyright Income Exempt From Social Security Contributions

18:53, 28 Iul. 2010
Romania’s Government decided in its meeting Wednesday that people who own a record of employment and gain copyright income only occasionally will not pay social security contributions for the income obtained from copyright.

Romanian Govt Reduces By 25% Total No. Of Positions Within Youth, Sport Bodies

18:51, 28 Iul. 2010
Romania’s Government decided to reduce by 25% the total number of positions within youth and sports bodies subordinated to the Education Ministry, by merging sports and youth county structures and restructuring the National Authority for Sports (ANS).

Romania Might Be Allowed To Resume Pork Exports On EU Market

15:57, 28 Iul. 2010
The European Commission might allow Romania to resume exports of pork and pork products on the EU market, following a request addressed by Romanian authorities in June.

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.

Romanian Hydrologists Extend Flood Alert For Rivers Across Country

17:59, 27 Iul. 2010
Romanian hydrologists decided Tuesday to extend until Wednesday the yellow code flood alert on most rivers across the country.

Romania Has Money To Pay Pensions In 2010 – Fin Min

14:53, 27 Iul. 2010
Romania will not face problems with paying pensions this year, Finance Minister Sebastian Vladescu said Tuesday.

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.

Capital Economics: Romania Economy To Decline By 2.5% In 2010

13:23, 26 Iul. 2010
Romania’s tough austerity measures designed to reduce the budget gap and keep a multilateral aid agreement on track will not come cheap and the country’s economy is expected to shrink by 2.5% in 2010, London-based Capital Economic said in a survey.

American Actor Nicolas Cage Wants To Shoot ‘Ghost Rider’ Sequel In Romania

12:48, 26 Iul. 2010
American actor Nicolas Cage said in an interview for MTV News that he wants to shoot ‘Ghost Rider' Sequel in Romania.

Uniunea Europeană acordă României un milion de euro pentru două programe de mediu

14:09, 24 Iul. 2010
Uniunea Europeană va acorda Apelor Române şi unei fundaţii transilvănene un milion de euro după ce a aprobat două proiecte ale acestor organisme referitoare la managementul integrat al apei şi la protejarea unei zone verzi din zona Sighişoara - Târnava Mare, potrivit site-ului oficial europa.eu.

Romanian President Calls On Parliament To Reexamine Public-Private Partnership Law

19:05, 23 Iul. 2010
Romania’s President Traian Basescu Friday sent to the Parliament a request to reexamine the law regulating the partnership between the public and the private sectors, saying that the Government emergency decree regarding public procurement contracts is more comprehensive than the law.

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.

Romanian Govt OKs Justice “Small Reform” Bill

13:26, 23 Iul. 2010
Romania’s Government approved Friday in a special meeting the draft law of “small reform” in the justice system, which implements a series of measures to speed up trials, people close to the matter told MEDIAFAX.

Romanian Labor Ministry Reorganizes Social Service Agencies As Depts, Cuts Staff

18:52, 22 Iul. 2010
The Romanian Authority for People with Disabilities, the Family Protection Authority and the Agency for Equality of Chances between Men and Women will be reorganized as departments within the Labor Ministry, the institution said in a press release Thursday.

EBRD Cuts Romania GDP Forecast To -3% In 2010

18:47, 22 Iul. 2010
The European Bank for Reconstruction and Development Thursday revised its forecast for Romanian economy to minus 3% in 2010, from zero growth previously, citing disappointing first-quarter figures and government-imposed austerity measures which are expected to add to consumption decline.

World Bank: Romania Attractive For Long-Term Investments

16:31, 22 Iul. 2010
Romania remains an attractive country for long-term investments, but it’s less appealing to investors looking for quick scores, an official at the World Bank said Thursday.

WB: Multilateral Loan Recommended For Romania’s Budget Needs

16:17, 22 Iul. 2010
Low borrowing costs are vital to ensure adequate financing to cover Romania’s budget needs, an official at the World Bank said Thursday, adding that a new international loan package may be a good move at this time.