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AOAR does not want a new agreement with IMF and proposes a strategic investment fund

The Association of Business people in Romania AOAR does not support the new loan from IMF and in exchange proposes the set up of a strategic fund for investments worth 5-7 billion euro, by the issueing of bonds, tradable on the stock exchange Bucharest.

'We appreciate that, together with the drastic reduction of budgetary expenditure, it is extremely important to adopt measures which are decisive and courageous to reestablish the trust of investors, consumers and society as a whole' a press release of AOAR says.

Thus, AOAR set up a series of proposals, which, according to business people rely on the experience of EU member states as well as the realities of the Romanian economy. Thus, the setting up of a strategic fund for investments worth 5-7 billion euro by the issueing of bonds, tradable on the Stock Exchange is one of the proposals.

« The bonds will be improved with attractive interest, which will allow by annual payment to stimulate the payment to the population. The operation will increase the degree of trust of the population, will stimulate consumption and will insure the financial resources necessary to finance projects of national or regional importance. The deposits of the population are worth 15 billion euro' the press release says.

AOAR says that the measure was used in inter-war Romania and 2008 France.

At the same time, the business people require the government to assume its responsibility and transparency of a programme for payments to the private sector for all debts to local and central administration.

Moreover, AOAR proposes the amendment of the Fiscal Code and the introduction of calculation and payment of the penalising interest for delayed payment by the state authorities for the debts to the private companies.

Another proposal shows the initiation and approval in the parliament of a law to amend the present provisions regarding the BNR operation, extending its attributins in the domain of economic development of Romania, and at the same time, the empowering of the central bank to calculate the minimum compulsory reserves imposed to commercial banks depending on the structure of their loan portofolio.

On the other hand, the business people are against a new agreement with international financial institutions, considering as possible only commercial loans for investments.

« We do not support a new agreement with IMF/WB stand by type ; we could accept a « preventive »type of loan. In this case, the support loans for institutional financing (BEI, BERD,WB,etc) the borrowed sums to be used only for national projects, well prepared and correctly dimensioned financially and technologically' the quoted source says.

AOAR draws the attention on the necessity to balance budgets of all administrative regions, according to the German model and require the publication by the government, by the end of the year, of national or regional – interest works which are to be made in public private partnership.

Flat tax, a stable framework for three years at least as well as the flexibility of the working market are other proposals of the Association.

The « Labour Code must allow the creation of a diversity of working places, in correlation with the new economic structure of Romania. Social protection must be ensured to those who accept to work on available work, in lacking sectors, for imposed periods by the nature of activity and those who actively take place in the process of retraining' the press release says.

Besides the above proposals, AOAR considers the necessity to adopt a pensions law and unitary salary in the budgetary sector as necessary for the sustainability of the system of pensions and the increase of efficiency in the public sector, including the reduction of bureaucracy by 25%.

President Traian Basescu stated on Tuesday in the Parliament that in 2011 Romania will sign a new agreement with IMF saying that, although the Romanian state wants, nobody lends money on a long term, due to the structural deficits.

Romania has an agreement underway with IMF, EU, World Bank and BERD worth 20 billion euro.

Sursa: http://www.actmedia.eu

Tags: agreement strategic romania proposes berd bnr euro euro

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