Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Isarescu: Confidence in economy has to be restored

The Governor of the Central Bank has met Speakers of the Senate Mircea Geoana and of the Lower hamber Roberta Anastase yesterday in order to talk about Romania's agreement with the IMF.

Mugur Isarescu, the Governor of the National Bank of Romania (BNR), stated yesterday at the end of his meeting with the Speakers of the Chambers of Parliament that the restoration of confidence in the economy is now essential. ‘On the basis of our resources we will continue the economic growth and will assure the country's macro-stability. The conclusion of the meeting could be that the restoration of confidence is essential, being a process in which the political, economic and social factors should be involved' Mugur Isarescu stated for Agerpres.

According to the Governor, the agreement with the IMF was not only essential but it was also a good one. ‘I expressed my conviction that the provisions of the agreement are the ones that Romania needed. The sources of public financing will compensate for the private companies' lower generosity' Mugur Isarescu stated. He added that the Romanian private sector's financing deficit ranges from EUR 7 to EUR 14 bln in 2009.

On the other hand, Varujan Vosganian, the President of the Senate's Economic Commission and former economy minister, stated that the only goal of the agreement that Romania signed with the IMF consists of securing a loan with which to cover the budget deficit, with the private sector having no problems when it comes to the payment of debt. ‘This meeting has strengthened my belief that the agreement with the IMF is only meant to finance a budget deficit that the Government can no longer control' Vosganian stated at the end of the talks held with the BNR representatives within the joint Permanent Bureaus of the two Chambers. Likewise, he also pointed out that the commercial banks have a stable situation too, because the financing lines won't be withdrawn.

‘The Government needed EUR 6 bln in order to cover the budget deficit. It could have taken that money only through an IMF loan, with the European Commission explicitly saying that' Vosganian added. The budget deficit will be accompanied by harsh measures and the new Fiscal Code will enhance the state's revenues by EUR 1 bln, a fact that entails tax hikes, Varujan Vosganian added.

Romania reached a two-year stand-by agreement with the International Monetary Fund (IMF) for EUR 12.95 bln, with the total financing package contracted from the IMF, the European Union, the World Bank and the EBRD set to reach EUR 19.95 bln. The IMF has informed that it will answer the Government's letter of intent early next week.

In his turn, Senate Speaker Mircea Geoana stated that the BNR continues to play the role of the Romanian economy's guardian angel. Geoana stated that the MPs that took part in the talks with Mugur Isarescu underlined the fact that the restoration of confidence in the Romanian economy represents an important element in overcoming the excessive panic or the unjustified pessimism. The Speaker of the Senate stated that Romania should avoid the situation in which other Central-European countries that contracted similar foreign loans found themselves in by being unsuccessful in improving their country ratings or their macro-economic performances.

 

Sursa: http://www.nineoclock.ro

Tags: stated deficit romania agreement economy isarescu confidence bnr

Articole similare