5.3 C
Bucharest
December 7, 2022
BUSINESS

Harsh IMF approach courts disaster in Romania, agency says

The International Monetary Fund (IMF) is courting disaster in Romania, said a Reuters comment, Mediafax informs. “The fund’s draconian conditions led Bucharest to cut public sector wages by 25 percent, far more than elsewhere. Now Romania’s Prime Minister Emil Boc has resigned and anti-reform forces have been emboldened. Excessive IMF rigour could do lasting harm. The fund has been trying to soften its fearsome reputation. Managing Director Christine Lagarde has argued that the IMF should be less harsh, admitting that “consolidating too quickly can hurt the recovery and worsen job prospects.” In the comment, it said that “when the IMF lends to richer countries, its conditions have softened. For the fund to succeed in its mission it may need to give its more impoverished clients similar treatment”.

Related posts

NEWS IN BRIEF

Test

NEWS IN BRIEF

Test

BCR signs EUR 75 M EIB loan for SME financing

Test