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Cristian Popa: We forecast slight growth in Romania for 2010

The economy of Romania will experience a slight growth in 2010 in comparison with the expected 7 percent contraction in 2009, said Cristian Popa, Vice-Governor of the National Bank of Romania, in Vienna on Wednesday.

'For 2010 a modest positive growth is forecast,' said Popa in Vienna, where he takes part in the Vienna Economic Forum for Eastern and Central Europe.

An International Monetary Fund (IMF) delegation on Wednesday, at the National Bank of Romania, began the meetings with the Romanian authorities. The IMF delegation at expert level, which arrived in Bucharest for a new round of discussions on loan tranches 3 and 4, will have meetings in the next few days at the Ministry of Labour, the Ministry of Transports and the Ministry of Finance.

If the meeting agenda of the IMF, World Bank and European Commission delegation is carried out successfully and the international donors consider that Romania fulfilled its obligations, the latter will get two cumulated tranches amounting to 2.3 billion euros, one billion euros from the European Commission, as well as the sum of approximately 330 billion euros corresponding to the second agreement with the World Bank.

Fiscal consolidation needed to resume lending

Fiscal consolidation is important to allow a restart of the lending activity this year, once financing demand starts to pickup, especially from the corporate sector, Romania's central bank deputy governor Cristian Popa said Wednesday. Romania has to continue narrowing its budget deficit in 2011 and 2012 to meet its objective of entering the euro-area in 2015, Popa said in Vienna.The Eastern European country has pledged to bring down its government deficit to 5.9% of the gross domestic product in 2010, from about 7.3% of the GDP last year. Popa said Romania will post a positive economic growth in 2010. The central banker did not comment on the central bank's monetary policy rate movements, but said the interest rates in the banking system might drop by more than one percentage point this year.

Sursa: http://www.actmedia.eu

Tags: romania growth cristian euro

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