Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

European Commission waits EFC approval to release final loan installment worth EUR 150 mn

Romania's economy is recovering, with a 1.5 percent estimated growth in 2011, which will advance up to approximately 4 percent in 2012.

However, inflation is expected remain higher than anticipated, at above 5 percent in 2011, according to the newest macroeconomic developments, quoted in the statement of the European Commission (EC) after the completion of its joint mission in Romania, together with the International Monetary Fund (IMF) and the World Bank (WB), released on Monday on the website of the EC representative office in Romania.

A European Commission delegation reviewed the implementation of the ongoing balance of payments assistance to Romania and evaluated the implementation of the agreed measures for the release of the final installment worth 150 million euros. The disbursement of this final installment would make the total amount granted to Romania within this programme account for 5 billion euros.

The cash target for the budget execution in the first quarter was easily met and the last developments show that the budget execution will meet the agreed deficit target for 2011 (4.4 percent of the GDP calculated on a cash basis; under 5 percent calculated on ESA accrual basis).

Public sector wage developments continue to keep within the limits set out in the 2011 budget and in the medium-term fiscal strategy. While reforms in the healthcare sector are yielding savings that contribute to closing the gap between expenditures and revenues, according to the current trends, a shortfall would likely remain in 2011. The European Commission delegation staff received the assurance that this matter will be addressed in the mid-year supplementary budget so as to prevent a re-emergence of arrears.

The EC delegation members could ascertain that the ministry of transport's investment plans, as set out in the multi-annual performance agreements between the ministry and the implementing agencies, are in line with the budgeted amounts in the government's medium-term fiscal strategy. This will help to secure an orderly budget execution.

The mission will report its findings to the Commissioner for Economic and Financial Affairs and consult the Economic and Financial Committee (EFC). Subject to their agreement, the Commission will disburse the final instalment (150 million euros) of the EU loan to Romania.

The Commission's Spring Economic Forecast, including the detailed forecast for Romania, will be released on May 13, 2011.

A joint EC, IMF and WB mission visited Bucharest from April 27 to May 9, 2011.

Sursa: http://www.actmedia.eu

Tags: romania budget percent installment commission final european

Articole similare