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IMF loan might cover current account deficit

A possible loan from the International Monetary Fund (IMF) might cover the deficit of the foreign balance of payments' current account, Public Finance Minister Gheorghe Pogea told Agerpres on Wednesday.

'We can take loans from European banks for the public deficit, for example from the European Investment Bank and the European Bank for Reconstruction and Development or from the local market', Pogea stressed.

An IMF loan might be used to finance the private deficit, which is part of the current account deficit, he added.

National Bank of Romania (BNR) governor Mugur Isarescu said on Wednesday an IMF loan might be useful to Romania.

'We do not rule out a loan from the International Monetary Fund, as the Government also said. The central bank is considering a package also including European amounts, of course. Money for projects, from the EIB for example. Such package may also include financing from the Fund, meant to protect the forex reserve', the governor stressed.

The current account of the balance of payments recorded a deficit of 16.877 billion euros in 2008, up by 1.2 percent on 2007, according to figures supplied by the National Bank of Romania.

The central bank stressed that the determining influence on the current account balance had the trade balance deficit that totalled 18.199 billion euros, by 2.1 percent higher than in 2007. The dynamic of exports in 2008 was by 4.4 percent higher than the dynamic of imports, the BNR said.

 

Sursa: http://www.rompress.ro

Tags: deficit might account current bnr

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