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IMF delegation in Bucharest to tackle situation of state-run firms

The situation of the state-run companies recording losses represents the most serious issue to be tackled by the International Monetary Fund (IMF) mission, headed by Jeffrey Franks, to visit Bucharest over April 27 - May 9 and the Romanian authorities, Romania's representative with the IMF and former Finance Minister Mihai Tanasescu told Agerpres on Tuesday.

'We can notice three large coordinates in the talks to be held by the International Monetary Fund representatives, to arrive in Bucharest on Wednesday, namely to continue the fiscal consolidation process, the structural reform process and to ensure the financial stability. Within the topics on the structural reform, there are those referring to the situation of the state-run firms that stand for the biggest problem, in my opinion. Another subject to be approached is the continuation of the structural reforms regarding the public administration, local governance and of course central governance domains. The third important goal of the agenda will consist in the financial stability, and the last but not the least, the strengthening of the monetary policy over the next years,' Mihai Tanasescu said.

As it was announced after the IMF Board approved the new precautionary stand-by agreement with Romania, the issue of the restructuring, the privatisation or even shutting down some state-run companies that record losses, including several coal mines, are chapters of major importance for the Romanian economy.

In addition, a hot topic on the meeting agenda of the IMF delegation is the inflation and also the possibility for the Romanian economy to record a rise of 1.5 percent in 2011 and even to exceed this level, if the Romanian authorities are able to attract more structural funds.

The stand-by agreement between Romania and the IMF started on March 31, 2011 and has a precautionary character, amounting to 3.1 billion DST (3.6 billion euros), accounting for nearly 300 percent of the rate Romania has at the IMF.

The fresh agreement will last 24 months, to be carried out at the same time with a new precautionary agreement signed with the European Union, standing at 1.4 billion euros and with a 0.4 billion euros loan from the World Bank as well.

The agreement sets up a framework and a range of targets in fields such as energy, transports and health.

Sursa: http://www.actmedia.eu

Tags: agreement state situation bucharest

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