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May 17, 2022

Boc: Economic decline will stop in Q4

The economic decline will stop in the last quarter of this year and in 2010 Romania will register GDP growth, Prime Minister Emil Boc stated on TVR on Monday, Mediafax informs.

‘I believe that we will stop the economic decline as early as the fourth quarter of 2009. (…)And in 2010 we could already speak about economic growth; not a significant growth but we will be able to speak about economic growth nonetheless’ Boc stated.

Also on Monday, Boc added that he hopes that the IMF will issue the second installment of the credit, one that will finance the budget deficit estimated at 7.3 per cent of GDP in 2009, pointing out that the sums from the Fund ‘are the cheapest money’ that Romania could borrow. He pointed out that the National Bank of Romania’s foreign currency reserve is sufficiently large both for maintaining the currency exchange rate and for lowering the required reserve ratio.

Yesterday afternoon Boc was scheduled to meet the inter-ministerial committee in order to take some measures against tax evasion. No information from the meeting was available before the closing of this edition.

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