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EC delivers third tranche of assistance package for Romania

The European Commission (EC) delivered the third tranche, worth 1.15 billion euros, of the 5 billion euro loan for Romania, which was agreed upon in May 2009 as part of an international financial assistance package.

The decision comes after the positive evaluation the EU executive made of the Romanian authorities implementing the programme of measures agreed upon as part of the multilateral assistance package worth 20 billion euros.

According to the EC, the measures for fiscal consolidation agreed upon in May and June were implemented in keeping with the initial plans. Moreover, the authorities took supplementary measures meant to make up for the slowdown of the pace of the economic growth. Considering the current economic policies and a rigorous budget execution, Romania is expected to achieve the deficit targets agreed upon for 2010 and 2011, namely 7.3 percent of the GDP and 4.9 percent of the GDP.

Romania is still committed to cutting its deficit below 3 percent of the GDP in 2012. Good progress was also made as regards the reforms within the programme, which are a condition for the future tranches of the EU loan. A major reform of pensions was recently adopted by Parliament. An independent fiscal council was set up with a view to consolidating the framework of the fiscal policy. The Government is committed to taking supplementary measures for increasing the absorption of the EU funds and for combating fiscal evasion, also informs the EC. According to the EU executive, the unitary pay law is a key element of the legislation that will help ensure the fact that salaries in the public sector take a sustainable road.

Sursa: http://www.actmedia.eu

Tags: romania package assistance euro

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