BNR governor: Agreement with IMF does not ward off slippage risk in tax and wage policy

The loan agreement signed with IMF, the EU and the World Bank does not ward off the risk of slippages in Romania’s tax and wage policies, National Bank governor Mugur Isarescu said on Thursday.

‘The agreement with the IMF does not eliminate such risks. But I think one of the three policies: monetary, fiscal or wage-related, needs adjustment. As far as the monetary policy is concerned, we are not yet prepared. Unfortunately, all we succeed in adjustment is just talk,” said the central bank governor.

Isarescu said that the evolution of inflation might be affected, should wage claims be maintained while productivity goes down.
The Executive Board of the International Monetary Fund (IMF) approved on May 4, by unanimous vote, the two-year stand-by agreement with Romania, worth EUR 12.95 billion. The first tranche, worth EUR 5 billion euros, will be available immediately.

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