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BNR chief economist: Romania doesn't need foreign loan at this moment

Romania does not need a foreign loan at this moment, but it might consider such an alternative after mid-year, chief economist of the National Bank of Romania (BNR) Valentin Lazea said on Thursday.

BNR governor Mugur Isarescu early this week cautioned that a new standby agreement with the International Monetary Fund would involve high costs.

'The alternative of such a standby agreement, this non-used umbrella, with a non-use fee of 25 percent entails additional costs worth hundreds of millions of euros. Who covers it?' Isarescu said.

On the other hand, the central bank governor stressed a Romanian loan from the European Union 'would do no harm', given the capacity to attract European funds.

He said he had discussed the issue with President Traian Basescu and that Romania does not have the administrative capacity to absorb some 6-7 billion euros worth of European funds, and therefore pre-funding from the EU 'would do no harm'.

Public Finance Minister Gheorghe Pogea believes that in 2009 'one can talk' of EU funds accounting for 1.44 percent of gross domestic product, i.e. five times higher than in 2008.

Romania has absorbed just 179 million euros from the total allotted amount of 3.1 billion euros since joining the EU on Jan. 1, 2007.

 

Sursa: http://www.rompress.ro

Tags: romania bnr

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