Sebastian Vladescu: IMF talks do not account for tax increases in 2010 nor 2011

He said that Romania needs the IMF agreement and the letter of intent is currently drafted. An IMF and EC mission are in Bucharest until August 4, 2010 for the fifth evaluation of the stand by agreement.

New Forecasts Show 1.7%-1.9% GDP Contraction In 2010

Romanian Finance Minister Sebastian Vladescu on Friday said new estimations indicate an economic contraction of 1.7%-1.9% in 2010, compared with a previous forecast pointing to a stagnation or a minor decrease.A more precise figure will be settled until the end of discussions between Romanian authorities and representatives of the International Monetary Fund, Vladescu said.An IMF mission is currently in Bucharest to review Romania's progress under a EUR13 billion arrangement signed last year.Vladescu also said the target for the budget deficit remains unchanged at 6.8% of the gross domestic product.The new estimations are less pessimistic than EBRD's latest forecast, which sees Romania's GDP down 3% in 2010, after a 7.1% contraction a year earlier.

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