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Analysts: there are big chances that Romania receives the seventh part of the IMF loan

The managing board of IMF will discuss on Friday if they offer Romania the seventh part of the loan included in the international financing agreement but the analysts consider we have no reason to worry.

The analysts say there are big chances that Romania receives the almost 900 million euro from IMF, taking into consideration that all the agreed conditions were covered.

They said that the probability that IMF board takes a favourable decision to Romania in the Friday meeting is very high as the 2011 budget, the pensions law and the single salary law were adopted and there was progress in debt payments.

« The probability that IMF offers Romania the seventh part of the loan is almost 100%. We received loans when we did not cover the conditions. Now the conditions are covered and the debts are decreasing. The main conditions – pensions law, salary law – were published in the Official Gazette so I don't see any reason why we would not get the money » Nicolae Chidesciuc, the head economist with ING Bank Romania said.

At the same time, the head economist of UniCredit Tiriac Bank, Rozalia Pal considers that the chances that Romania gets the seventh part of the loan are high, as the conditions have been covered. She also shows that progress has been made with the payment of debts , « although effort is to be done in this regard » and the restructuring of the public sector will continue.

Ionut Dumitru, head economist with Raiffeisen Bank, shows that the only unknown factor is the debt payment target but he thinks that we will get a postponement.

« I want to believe that even this time we will get a postponement on debt payment. It is true that a part of the debts was covered, but next there were others found of almost one billion lei in the health system. The problem of debt payment is chronic and the solution is solving the essence of the problem » the Raiffeisen economist said.

The minister of finances, Gheorghe Ialomitianu stated on Wednesday that the government covered the part connected to the debt payment for 2010.

« According to the agreement with IMF in the supplimentary letter, the maximum level of debt should not have been over 250 million euro at the end of November. The government covered this target to release the next part from the IMF as at the end of November the level of debt was 248 million euro » Ialomitianu said.

At the same time, in a letter sent to the IMF at the beginning of the week, the government shows that Romania covered all the conditions to get a new part of the loan, closing 2010 with a deficit of 6.6% out of the GDP, with 1.27 million budget-paid employees and with the stock of debt under the limits.

The budgetary deficit for 2010 was about 6.58% out of the GDP under the limit agreed with IMF, and could drop to 6.4% if some of the debts were not paid » official sources stated quoted by Mediafax.

The government said they would keep the budgetary deficit under 6.8% of GDP in 2010 and reduce it to 4.4% this year. At the same time, according to the agreement with IMF, at the end of 2009 the number of employees in the budgetary sector had to drop to 1.29 million people.

Sursa: http://www.actmedia.eu

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