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Moody’s keeps the rating for Romania, although IMF postponed the third loan

Moody's keeps the rating for Romania, after the IMF postponed the granting of the third part of the financing package agreed upon by the international financial institutions with Romania, the Moody's analyst, Kenneth Orchard said.

"No, not at present, we think that the liquidities of the government are good for 2010 and we expect things to function somewhat normally at this moment. Now we keep our established rating. We took into consideration a change of the ratings waiting for the IMF decision" Orchard said, when asked if there could be pressures referring to the sovereign rating, NewsIn informs by quoting the television channel The Money Channel.

The Moody's analyst added that he expected the IMF decision to postpone the third part of the loan, mentioning that " IMF did not want to come back to Romania, taking into consideration the political situation, but they had to as the president asked them to".

"Their decision is not surprising, taking into consideration the present political situation. It would be much easier for them to come back with a new package in 2010, after the finalization of the presidential elections" Orchard said, explaining that the IMF decision could lead to a " certain pressure on the financial market".

He also drew the attention that the government should be more careful when finding financing, and the central bank " could act more to help the government to finance the deficit by the end of the year".

The Moody's analyst was not surprised by the IMF estimate regarding the deepening of the budgetary deficit at 9% if no tough measures are not taken.

« This is no surprising estimate and we expct 9.3% in the absence of measures to reduce expenditure and increase income.This estimate is in line with our expectations. The agreement did not overpass its limits. The same happened with the previous agreement between Romania and the IMF some years ago, but I don't think this will happen now", Orchard said.

The head of IMF mission to Romania, Jeffrey Franks stated that the budgetary deficit of Romania will reach 9% of GDP in 2010 if the authorities do not take the necessary measures as the deficit target for 2009 could not be met, but IMF insists for the limitation of the deficit at 5.9%.

For this year, the government committed to get within the limits of budgetary deficit of 7.3% of GDP but Franks said that it is probable a budgetary deficit of 7.8% of GDP, taking into consideration the effect of fiscal measures recently validated by the Constitutional Court.

Sursa: http://www.actmedia.eu

Tags: deficit third romania rating

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