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Romania/EC: fourth tranche of EU assistance programme to be released if appropriate measures are taken

Mission of the EU Commission (EC) services to Romania came to the conclusion that if the specific, with the Romanian authorities agreed upon measures are taken, it will be met the conditions for the payment of the fourth trache of the EU assistance programme's balance of payment worth 1.2 billion euros, the EU Commission announced in a statement made after the conclusion of the joint EU Commission, IMF and the World Bank mission to Bucharest, over Oct 20 - Nov 1.

The mission's goal was the assessment of the enactment of the suitable policies within the multilateral assistance programme for Romania, amounting to 20 billion euros.

The steps to be implemented include the adoption of the 2011 budget and the promulgation of the law on uniform pay and that on pensions, as they were agreed upon between the EU Commission's services and the Romanian authorities. Likewise, the latter agreed on co-working with the Parliament and guarantee that the Emergency Ordinance 50/2010 improves the transparency, and protects the consumer's rights, but at the same time it protects the stability of the financial system, and is in full compliance with the EU Directive 48/2008, the EC statement reads on.

At the same time, the Romanian authorities will guarantee that the National Bank remains the single authorized agency to regulate the banks' crediting activity. The economic activity should get improved towards the yearend, with a negative economic growth in 2010 (about -2 percent), but should become positive in 2011. After a sudden growth as a result of the VAT rise in July this year, and of higher prices for food, the inflation should go down toward 3 percent in 2011.

The joint EU Commission, IMF and World Bank mission to Bucharest reached the conclusion that the deficit target of 7.3 percent of the GDP in the Exchange Settlement Account (ESA) terms, can be attained in 2010. The Romanian Government should present soon the 2011 draft budget with a deficit target lower than 5 percent of the GDP, in ESA terms, namely 4.4 percent in cash terms. The mission hails the authorities' continuous promise to curb the budget deficit beneath 3 percent of the GDP (in ESA terms) in 2012, and to go on with ambitious structural reforms, and it believes that the promulgation of the law on uniform salary and the implementation of the reforms in the healthcare system will be key steps in the respect.

In the financial sector, the improvement of the financing regime and the governance structure of the deposit guarantee fund were important steps forward. Despite all this, limited progresses were made in the arrears cut in the loss making state-owned enterprises and more efforts are required to increase the EU funds absorption rate through prioritizing the investment projects. 'The mission will report on its conclusions to the EU Commissioner for Economic and Financial Affairs and will consult the Economic and Financial Committee. Under the reservation of their accord and the satisfactory implementation of the agreed additional measures, the EU Commission will release the fourth tranche of the EU loan to Romania,' the EC statement concludes.

Sursa: http://www.actmedia.eu

Tags: commission percent mission measures fourth assistance romania