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Romania wants another loan from the IMF. The state needs 13.5 billion EuroUpdated: 29-07-2010 | Financial and Banking
In 2011, in an optimistic scenario that sees our economy getting out of the recession, the Government will have to borrow at least 13.5 billion Euro from banks, half the amount being necessary to pay salaries and pensions on time, and the other half to pay part of the loans taken out so far
Romania will again call on cheap loans from the European Commission. To be sure it can satisfy the budget deficit of at least 5.2 billion Euro next year, but also that it can spread out the debts incurred so far, the state is trying to convince the European Commission that it's worthy of borrowing Euro at interest rates of 3% p.a. and not Romanian Lei at 5% or 7% p.a.
The head of the IMF mission to Romania, Jeffrey Franks, admitted on Tuesday that the possibility of a new agreement between the Bucharest Government and the Washington Fund is being discussed. "Evaluations conducted so far seem to indicate that Romania will not be out of the crisis next year either. The agreement will be terminated in March 2011, but the crisis will continue. The head of the IMF mission to Romania, Jeffrey Franks, informed us that he had talked in Washington on the possibility of a new agreement as far back as a few months ago", stated for Gandul Mr. Cezar Coraci, president of the UGIR-1903 General Confederation of Romanian Industrial Employers, at the end of the meeting with the IMF representatives.
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