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October 22, 2021

Romania wants to sign “more flexible” agreement with IMF

In contrast to half a year ago, the government’s change of attitude toward the IMF, EC and WB is fundamental. At least in the view of Finance Minister Teodorovici. He stated that the government wants to successfully finalize the talks with the three international lenders whose representatives will be in Bucharest next week, in order for the agreement currently in force to be finalized in the best conditions in September.

According to Teodorovici, the talks that will take place with the IMF, EC and WB mission will centre on the draft Fiscal Code and on structural reforms, Agerpres informs.

“It is a technical mission and I hope it will be a successful mission at the end, so as to be able to re-discuss the program with the IMF, European Commission and the World Bank. Just this week in Brussels I took part in the Council of Finance Ministers, ECOFIN, where I reiterated the fact that Romania is firmly committed to bringing back into discussion this program and to successfully finalize it in September,” the Finance Minister said.

He pointed out that the purpose of the technical mission is to discuss each measure included in the Fiscal Code on the basis of arguments, however he emphasized that Romania needs fiscal relaxation.

“At the ECOFIN talks, at the informal talks in Riga and now in Brussels, many European ministers pleaded for fiscal relaxation measures. And what I very clearly said in Brussels too is that we cannot accept Romania not implementing such measures, especially since it is a country that needs a great deal of investments, fiscal relaxation, a different legislative framework in the economic area. First of all, I would like for the structural reforms plan to be implemented because that means that many of the payments we are still making in the economy will go toward the area with an impact on the economy, not toward the economy’s black holes. This is, maybe, more important than bringing the Fiscal Code maybe within the limits assumed through the Fiscal Pact. So, on one hand we have these reform measures that have to be implemented and that I care about a lot, and on the other hand there is the Fiscal Code as a discussion and the way it fits within the limits that Romania assumed through the Fiscal Pact. Almost all European states are pleading for fiscal relaxation measures, something that Romania should do too. And we will see what the result will be at the technical talks this month,” the Finance Minister explained.


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