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May 29, 2022

Trade unions, IMF delegation to discuss minimum wage rate today

A delegation of the five confederations of trade unions that are representative at country scale will meet Monday, January 21 the envoys of the International Monetary Fund (IMF) to discuss the present economic situation and the minimum wage rate, said the president of CNS ‘Cartel ALFA,’ quoted by Hotnews.ro. Officials of the Labour Ministry had a first round of talks with the IMF delegation for two hours on Friday, about two topics: the national plan of jobs, the measures included and the incentives for creating jobs. After a meeting held Friday at the Victoria Palace between government and trade unions, Hossu said that the government tales into consideration enforcing a lump-sum tax for the exploitation of farmland, which will be charged after granting the state aid for agriculture. Another topic discussed during the meeting was the budget deficit target for 2013. Attending the talks, deputy PM and Finance minister Daniel Chitoiu announced that the Executive will adopt the budget for 2013 this Wednesday and will send it in Parliament Thursday.



Roubini GE: Hungary and Romania, the “weakest links” in the region

On the other hand, Jelena Vukotic, a senior economist at Roubini Global Economics (RGE) said in an interview with a blog run by Concorde Fund Management, said that the entire Central and Eastern European region is greatly dependent on the external environment, Hungary being the “weakest link”, according to Portfolio.hu, quoted by Mediafax. She added that the other weak link is Romania, noting that the main difference is that the Romanian cabinet is apparently serious about inking a deal with the IMF and will most likely renew the credit line expiring in March. “In turbulent situations this provides the strongest anchor for investors who focus also on Romania. Contrary to this the Hungarian government notably has no intention to reach a deal with the Fund, by which it is taking a huge risk because in such global sentiment that can deteriorate abruptly and sharply Hungary could be the first foreign capital will exit. And this would start an exceptional forint weakening too,” said RGE analyst. Vukotic adds that Hungary’s external debt ratio is the worst in the region and its economic fundamentals are also weaker than at its neighbours.

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