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The main conclusions after Franks - Isarescu talks: Romanian banks are solid

The meeting of IMF representatives with Romanian National Bank officials ended, talks lasted for over two hours, sources declared for HotNews.ro. The delegation was interested to find out more about the banking system and the data offered by the Romanian Central National Bank revealed that the situation is very good, sources declared.

Talks will continue in the following days. The key message for Romania, regarding Greece's problems is that Romania needs to comply to all assumed engagements to ensure that no risk will appear, Chief of the International Monetary Fund (IMF) in Romania, Jeffrey Franks, declared. The IMF delegation was satisfied of the way the Central Bank managed the banking sector, sources declared. Franks declared that the next IMF installment will be released on time, worth 850 million euro.

Jeffrey Franks: We hope to have pay law ready by September

Chief of the International Monetary Fund (IMF) in Romania, Jeffrey Franks, on Thursday appreciated, during the talks he had with the Ministry of Labour, that the uniform pay law should be ready by September. 'I met Minister of Labour and his team and we discussed on a series of measures related to structural reforms, such as the progress made in adopting the pension law, in implementing the uniform pay law, and we also discussed on general issues concerning the labour market and unemployment. We do not have conclusions yet, we are still collecting information to come up with conclusions at our next visit. The uniform pay law is actually under way to be implemented, it is already a fact and not just a project, but its implementation needs additional legislation, and hopefully we will have everything ready by September,' said Franks, after the talks.

He also added, however, that 'with respect to the pensions law, it should be completed and approved by the Parliament by the end of June.' While referring to the next round of discussions at the Ministry of Finance, Franks said: 'We will discuss with the Minister of Finance on tax measures and on the situation of the budget and I am not ready yet to add anything new, before having this discussion. We have now a team at the Ministry of Finance looking into the figures, investigating, and will make a full analysis of the consequences of what will happen next and of what to do next. I will have no conclusion until our experts finish their work. '

We want to be sure that Romania, when it will exit the crisis, it will have a more flexible and productive labour market. The more productive it will be the better, for this way it becomes more competitive on the international market and it allows economy grow faster. We are considering now several measures that could be taken to improve initiatives and proactivity on the labour market, the IMF official also said.

Tanasescu: Next Tranche To Go Only To Romania Central Bank

The fifth tranche of the loan Romania is getting from the International Monetary Fund will be allotted only for support of the central bank's foreign currency reserves, Mihai Tanasescu ,Romania's representative to the IMF , said Thursday.In the spring of 2009, Romania and the IMF agreed on a EUR13 billion stand-by loan, part of a larger financial package that includes funds from the European Union and other international lenders. Romania has already received EUR9.2 billion in IMF money in four tranches. The Fund has allowed Romania to use part of the last three disbursements, or EUR2.2 billion, to finance its budget deficit.The IMF should release the fifth tranche, worth some EUR850 million, provided a successful review of Romania's performance under the agreement. An IMF mission is currently in Bucharest for the fourth review of the stand-by program.

Trade unions, invited to talks with IMF delegation on May 4

The trade unions have been invited to talks with the delegation of the International Monetary Fund (IMF) on Tuesday, May 4, announced on Wednesday, April 28, CNS Cartel Alfa President Bogdan Hossu.'I have received yesterday evening (Tuesday evening - editor's note) an invitation for Tuesday, May 4, at 9:00 a.m., at the IMF Office in Romania headquarters', said the union leader.The IMF delegation met on Wednesday managers of institutions supervised by the Ministry of Labor, Family and Social Protection and, on Thursday, was a meeting with Labor Minister Mihai Seitan. Meetings with experts from the Ministry of Public Finance are scheduled on Friday.

Sursa: http://www.actmedia.eu

Tags: international ministry labour finance romania delegation talks romanian conclusions declared franks euro

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