23. 10. 09. - 09:00

• more Business news...
• RSS Feed Business

23. 10. 09. - 09:00

IMF mission to visit Romania next week

Romanian Times

A second International Monetary Fund (IMF) mission will be in Romania from 28 October to 9 November to review the country’s progress.

The IMF said yesterday (Thurs) a follow-up mission might be necessary after a new government was in place.

"Due to ongoing political developments, a follow-up mission may be necessary to continue discussions after a new government has been formed," Jeffrey Franks, the IMF's Romania mission chief, said.

He added that the mission would assess the country's recent economic performance and discuss objectives during the next year and the means to achieve them.

"Successful completion of the second review will require a broad-based political commitment to approve a 2010 budget with a deficit no higher than 5.9 per cent of the gross domestic product (GDP)," the statement noted.

Earlier this year, Romania secured 12.95 billion Euros of IMF money under a standby arrangement that included a series of fiscal and economic measures the Eastern European country had to implement over a relatively short span of time.

At a first review in August, the IMF agreed to allow Romania to run a budget deficit of 7.3 per cent of GDP this year, nearly double the budget deficit of 4.6 per cent of GDP initially envisaged.

However, Romania must bring the budget deficit down to below six per cent of GDP in 2010.

New West Nile virus infections confirmed
Romania has confirmed eight new infections with the mosquito-borne West Nile virus, the Health Ministry said today (Fri).

Six new ministers appointed today
Six new ministers have been appointed in the Romanian government and they are going to make an official oath today (Fri).

Money raised in charitable stars match
Over 134,000 Euros have been raised in an all-stars charitable football match in Bucharest.

Internet fraud involving sale of a laptop
A Romanian was arrested after he sent paper instead of a laptop after an internet auction, police said today (Thurs).

Twenty-five people accused of real-estate fraud
A bank manager, three lawyers and an official at the Properties Registry are under investigation by special brigade police DIICOT for real-estate fraud amounting to up to one million Euros, it was revealed today (Thurs).

Romanians buying fewer presonal-care and cleaning products
Hit by the economic crisis, Romanians are buying fewer personal-care and cleaning products, results of a new survey by GfK show.

British paedo´s previous victims speak up
Previous victims of James Connor, who was arrested on child-sex charges in Romania last week, are coming forward to expose his past, the Daily Record has reported.

Romania´s government to have some new ministers
Romania's government will have some new ministers, according to Prime Minister Emil Boc.

BCR launches real estate portal
Austrian Erste's Banca Comerciala Romana (BCR) launched today (Weds) the first real estate offers website managed by a bank, in Romania.

Romania´s foreign exchange reserves dropped by 26mn euros in August
Romania's foreign exchange reserves dropped to 31.55 billion Euros in August, from 31.58 billion Euros, the central bank announced today (Weds).