WB: Multilateral financing from international institutions, recommended for RomaniaPublish date: 23-07-2010
Financing cost is an essential factor in the process of contracting loans in order to cover budget needs, and a multilateral financing from international financial institutions is currently recommended for Romania, Catalin Pauna, World Bank Romania chief economist, stated. He added that the institution's worries mainly concern the fiscal adjustments side against the backdrop in which markets have to be convinced that the Government is continuing its program on lowering the budget deficit.
Asked whether Romania will contract a new loan from the International Monetary Fund, Pauna avoided a direct answer, pointing out that a low financing cost is the most important factor and in this context multilateral financing from international financing institutions is recommended.
According to Pauna, the lack of past fiscal adjustments is one of the reasons why Romania is among the last countries to resume economic growth. At the same time, the exports' low share as a percentage of GDP compared to other regional states has led to a slowdown in the economic recovery process. Nevertheless, Pauna considers that exports will represent one of the few future economic growth engines.
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