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Istvan Szekely, EC: Final assessment of Romanian economy development to be made by international markets

The novelty in the new precautionary programme of the European Commission with Romania will be that the assessment of the economic progress will be made by the financial markets where Romania is to get complete funding from, European Commission country manager Istvan Szeleky told a press conference held after the first evaluation mission of the new stand-by precautionary agreement between Romania and the European Commission running in parallel with the precautionary agreement with the International Monetary Fund.

'The assessment is favourable, given the fact that Romania managed to issue domestic bonds on a three year maturity, at profitable interest rates, and if the programme with the EC and the IMF is to be run, this assessment will get better and Romania will be able to get financing from international markets,' Szekely said.

The European Commission country manager said that the European Union was to approve the release of the last 150 million euro tranche out of the total loan offered to Romania over 2009 to 2011, amounting to five billion euros.

Szekely said Romania achieved its targets, among which the 4.4 percent deficit target on cash and 5 percent according to the European System of Accounts methodology, but inflation exceeded the 'forecast limits' and will go over 5 percent until late this year.

The EU official warned against the fact that state-run companies 'set back the whole economy,' advising that they should be more competitive, 'especially in the field of transports,' and that the laid off personnel 'should be protected as they are vulnerable.'

Istvan Szekely also stressed that it was essential for some private investors to be brought to these companies 'so that the investments should cease generating arrears.'

Sursa: http://www.actmedia.eu

Tags: european romania markets international szekely assessment istvan euro

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