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October 7, 2022

Tanasescu: Romania resorting to IMF money, out of the question in 2012

Mihai Tanasescu, Romania’s representative at the IMF, stated yesterday that Romania will not resort to the Fund’s money because it is capable of attracting the funds it needs from the internal market, realitatea.net informs. “I believe that, given the way this programme was drawn up with the Fund and the way it has been implemented until now, Romania will finalize this precautionary agreement. At this point Romania doesn’t have any financing problem. It can finance itself, for now, from the internal market. Financing from the external market is more difficult, but of course Romania will be able to come out stronger on international markets when international conditions settle down,” Tanasescu explained. At the same time, the IMF representative called 2012 a year “of trials,” since events at international level will have an extremely high impact on the Romanian economy. “I can say that the Romanian economy has evolved a lot in the last 20 years. In 1990 Romania had a GDP of approximately USD 40 bln. For 2012 we expect exports alone to reach USD 40-45 bln. We can see a powerful transformation of the Romanian economy, its integration in world economy,” the IMF official explained. Mihai Tanasescu is confident that Romania could register economic growth in 2012, albeit a modest one.

In turn, the minister of Public Finance, Gheorghe Ialomitianu said Thursday on the public radio that Romania is able to finance itself, does not take loans at any interest, and can turn down the offers of some financers. According to the source, the Treasury borrowed money from the domestic market, of late, at reasonable interests of 6.5 pc, and “lowering the key interest rate was a good move of BNR.”

The MFP official added that the money made available to Romania by the IMF and EC were not taken into account, but these sums and the buffer-fund give a feeling of security in the negotiations aimed at financing the deficit and public refinancing in normal conditions. Ialomitianu also emphasised that Romania is in a situation of macroeconomic stability and took measures meant to stimulate economic growth – investments, state guarantees for crediting, and state aid schemes.

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