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Romania's Govt Needs To Restore Credibility - ING Romania OfficialUpdated: 14-12-2009 | Economy
The most important thing Romania's future government has to do is restore its credibility outside the country, which will allow it to finance the budget deficit, said ING Bank Romania general manager Misu Negritoiu, adding the future government should be political.
"Personally, I think whatever government we'll have, it'll bring improvements and corrections to macroeconomic imbalances, will better the business environment and will manage to gain credibility outside the country. That's the most important thing the future government has to do: gain credibility from the business environment and foreign investors. After it gains this credibility, then it can finance its budget deficit and give a safe outlook on business," Negritoiu told MEDIAFAX.
Negritoiu added the country's future government could restore confidence with the first measures it adopts, the goals it sets and by resuming the country's agreement with the International Monetary Fund.
"No one is as absurd as to demand immediate corrections, but confidence is important because it buys time for these corrections," Negritoiu said, adding Romania should have a political government.
"It's hard to say whether the election outcome is good or bad. I think it's best that elections are over and politicians no longer focus on campaigning and can look to recovery and development programs," the bank official said.
Romania's incumbent President Traian Basescu was reelected in the presidential election runoff last Sunday, which has yet to be validated by the Constitutional Court. The Court also has to rule on a request by social democrats to cancel the election and order a rerun. Social democrats said the election was marred by electoral fraud after their candidate Mircea Geoana lost the election by less than one percentage point.
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