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Mihai Tanasescu: The September installment depends on fulfilling conditions about arrears

The September installment from IMF depends on the fulfillment by Romania of conditions about arrears, the Romanian representative with IMF and former finance minister, Mihai Tanasescu said.

He pointed out that it will be difficult to get an approval without a strong set of measures leading to a real, significant drop of arrears. Tanasescu hopes that the authorities have understood that thing perfectly and that measures will be adopted to decrease arrears.

'The IMF mission to arrive in Bucharest will have, in my opinion, three topics of discussion: the completion of 2010, including budget rectification which will be analysed from the point of view of new measures applied by the Romanian government, discussing the 2011 budget with the main characteristics, leaving from the level established since the previous evaluation mission - a fiscal deficit of 4.4% of GDP for 2011. Effects of adopted measures will be discussed at the level of 2011 and suggestions which Romanian authorities will make for the fiscal policy,' Tanasescu added. The third objective approached by the IMF mission will refer to fiscal and monetary policies, the continuation of cautious monetary policies and a vigorous supervision of the whole banking system, as well as ensuring the stability of the banking system in the next period. The present mission is one of revision of fulfilling conditions of the present accord and will lay bases for the construction of the main indicators for 2011, the IMF official said.

Increasing the fiscal deficit target for 2010 during Bucharest talks is not likely to happen, the former finance minister considers. 'An increase of the deficit target for this year has not and will not be discussed. During tripartite negotiations carried out previously by Romanian authorities with IMF and the European Commission, targets for fiscal consolidation were well established – 2010 must bring Romania to a fiscal deficit of 3% of GDP. In this context, achieving fiscal consolidation objectives in 2010 and 2011 are very important', Tanasecu pointed out.

Talks will also refer to the situation of domestic arrears because at the latest meeting of the IMF Executive Board Romania requested an exemption from that condition and it was for the third time in a row when such an exemption was approved for Romania. 'I think the authorities understood the situation perfectly and will take necessary measures to reduce arrears,' he added.

Sursa: http://www.actmedia.eu

Tags: fiscal measures arrears conditions tanasescu

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