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Borrowing from international bodies, an act of great responsibility

The loan Romania wants to take out from international bodies is an act of great responsibility, Governor of the National Bank of Romania (BNR) Mugur Isarescu said on Friday in Brasov.

Isarescu attended a conference on anti-crisis strategies, programmes and measures and the implications and perspectives of a national agenda amidst the financial and banking crisis.

'Everybody is asking us how big the loan will be. The media have circulated various amounts. I can tell you that we are currently analysing the possibility of a loan. That is all I can tell you now. Our questions to ourselves regard what we are going to do with the money, who will bear the costs of the loan, how the funds will be disbursed and how it will be paid back. We should be borrowing in 2009 and pay back the loan in 2014. How can we manage to do so?' Isarescu told the hundreds of the conference attendees - business people, local administration officials and students - gathered at the Auditorium of the Transilvania University in Brasov.

Isarescu also said Romania is standing a chance of continuing on a positive trend of economic growth, unlike countries like Germany or Italy, where significant economic decline is expected.

'According to reckonings, Romania has witnessed a strong deterioration of the ratio of productivity to wages. The decline in the export market cannot be undone, but there are other business activities that can be developed. We are still facing the spectre of too brutal a sluggish financing for lending. Banks have resources, I do not want to reproach them for this, but a large share of the bank funds has gone for financing the deficit. Government securities have tripled since November. If we manage to get a 2-percent growth rate that will be the outcome of joint working,' Isarescu explained.

Isarescu also warned that the specialists will have to avoid falling prey to defeatism, and under the new circumstances nobody should expect to take out a loan by producing an identity card only.

 

Sursa: http://www.rompress.ro

Tags: isarescu bnr

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