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January 31, 2023

Mugur Isarescu: Romania doesn’t need another IMF deal

Romania does not need yet another agreement with the International Monetary Fund (IMF), Antena3 reported National Bank of Romania (BNR) Governor Mugur Isarescu having told “Saptamana Finan­ciara”. Isarescu maintains that Romania has enough economic reserves and enjoys international economic credibility, and a new loan would burden the country. He also spoke of a slight economic recovery, yet, he was reserved about the issue. In case Romania comes to a new agreement with the Fund, it would only be a precautionary one, with money to only be withdrawn for special situations, the BNR governor said, adding that the Central Bank needs to monitor the economic development after the Value Added Tax (VAT) rise. This austerity measure could generate negative effects, and their emergence would call for swift reaction. While government officials consider introducing more taxes and duties aimed at increasing budget inflows, Mugur Isarescu draws attention that what Romania needs is fiscal stability.

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