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IMF Mission members discuss foreign investments with Ministry of Economy representatives

Evolution of foreign investments in Romania, of the legislative framework related to facilities offered to foreign investors, of the investment projects under way, as well as of attractive activity fields for foreign investors were discussed on Thursday by the members of the joint mission of the International Monetary Fund (IMF), the Central European Bank (ECB) and the European Commission (EC) with representatives of the Romanian Center for the Promotion of Trade and Foreign Investments (CRPCIS) and of the Ministry of Economy, Trade and Business Environment (MECMA).

IMF expert Ferhan Salman, of the ECB Christophe Madaschi and of the EC Zdenek Cech and Reuben Borg also underlined the need for the Romanian companies to boost their competitiveness abroad and the quality of exported products, as well as the efficiency when promoting Romanian exports.The participants pointed out the beneficial effect of cluster setting up (competitive industrial agglomeration - editor's note).

Head of IMF Mission to Romania Jeffrey Franks met on Thursday Minister of Economy, Trade and Business Environment Adriean Videanu, among the approached topics being the one on the liberalization of the gas price.'We expressed our readiness to find out the optimum moment in the calendar', stressed Videanu, underlining that the opening of Szeged-Arad pipeline creates the premises for this liberalization.

Romania's Wage Law Must Be Amended To Show Results In 2011

The International Monetary Fund's mission chief to Bucharest, Jeffrey Franks, said Thursday after talks with Romanian Labor Minister Mihai Seitan that the country's unitary wage law must be amended so that its principles take effect in 2011.Franks also said he understands there were pressures in Parliament for other things, and stressed that the Parliament should approve the pension law in September, so that it would come into effect starting January 1, 2011.

Referring to the unitary wage law, the IMF official stressed that authorities must consider changes in the wage structure in order to ensure fiscal sustainability. Franks highlighted that Romania should amend the Labor Code to ensure work force flexibility, which will generate higher productivity and make employment and layoff procedures easier.

Seitan told MEDIAFAX last week that the new salary grid set in the unitary wage law would be completed and put up for debates on August 12 or August 13, adding the new draft law would be approved by the Government at the end of September and would be forwarded to the Parliament.

Joint missions from the IMF and the EU will be in Bucharest until August 4 for a new review of Romania's progress under a EUR20 billion aid package signed early last year. Following the mission, the IMF will decide whether to disburse a sixth loan tranche to Romania, worth around EUR900 million.

Sursa: http://www.actmedia.eu

Tags: economy investments foreign mission

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