Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package. (AP Photo/Cliff Owen)

IMF mission starts official talks

As we informed before, an IMF mission, led by Reza Bariq, arrived in Bucharest on March 2. The mission will stay in our country until March 15.

On this occasion, the IMF team will carry out an analysis of our country’s economic and financial developments and will hold consultations with Romanian authorities, the representatives of the business sector and of civil society, in line with Article IV of the IMF Statute (Article IV Consultations).

IMF representatives on Monday met a Social Democratic Party delegation led by party president Liviu Dragnea.

Romania no longer has an agreement with the International Monetary Fund since September 2015, when the 10th stand-by agreement ended.

At the end of the visit, IMF experts could hold a press conference. Pakistan’s Reza Baqir, appointed head of the IMF mission for Romania in January 2016, leads the mission. He has visited Bucharest before, on January 12-15, in order to be presented to Romanian authorities.

Romania has been a member of the International Monetary Fund (IMF) since 1972. At present, Romania’s quota equals SDR 1,030.2 million, or 0.43 percent of total quota. Romania’s voting power in the IMF is 11,039 votes, or 0.44 percent of total. According to the provisions of OUG 123/2011 and the IMF Governor’s resolution no.66-2/2010, Romania’s quota will be SDR 1 811,4 million. This new quota will enter into force after fulfilment of the conditions set up in paragraph 5 of resolution no. 66-2/2010. Within the IMF, Romania is part of a constituency including Armenia, Bulgaria, Bosnia Herzegovina, Cyprus, Croatia, Georgia, Israel, Macedonia (FRY), Moldova, Montenegro, Netherlands, Ukraine and, from 1 November 2012, Belgium and Luxemburg.


Dragnea: PSD sees no reason why in 2016 Romania’s budget deficit exceed 3pct


The Social Democratic Party (PSD) sees no reason why in 2016 Romania’s budget deficit exceed 3pct, PSD Chairman Liviu Dragnea told a Monday’s press conference at the end of a meeting with representatives of the International Monetary Fund (IMF) delegation paying an official visit to Bucharest.

“We have ended a meeting with the IMF delegation. The members of the delegation have tackled some issues related to macroeconomic stability and were interested in learning our relevant predictions in the following period, in 2016 and 2017.

They voiced concerned that the budget deficit might exceed 3pct. We said that we saw no reason for it to exceed 3pct in 2016. The Government sees absolutely no reason that could trigger such rise,” explained the PSD chairman.

Dragnea added that the PSD’s opinion on 2017 is the same.

“The budget deficit will be below 3pct and it must be below 3pct and there are all conditions for this. I have told them also something known by everyone: when PSD came to power, and I exemplify with only two periods, 2000 to 2004 and 2012 to 2015 towards its end, Romania was departing an area of negative growth and our governments left the country at a percentage of serious and sustainable economic growth,” said Dragnea.

Liviu Dragnea added that, permanently, PSD aims at social policies full of substance, pointing out that social-democrats are concerned firstly with “measures to generate economic growth, so there are financial resources to sustain these social measures.”

According to Dragnea, another topic addressed in the discussions with IMF representatives referred to the giving in payment draft law. The PSD leader said that the PSD objective remained unchanged regarding this topic: “to be helped the Romanians who took a loan to build a home to live in, only one home,” said Dragnea.

The PSD chairman said that IMF representatives had not expressed a position on the giving in payment law, and only asked about this topic. “The IMF shares our concern. We do not want the banking system to be affected, but over 400,000 Romanian citizens are in a delicate situation and we cannot be indifferent to them,” Dragnea said

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