IMF: We do not want to worsen situation in Romania with too harsh fiscal measures

We do not want to make the current economic situation in Romania even worse, by requiring too harsh fiscal measures, but unfortunately Romania has to finance a fiscal gap of minus 8 percent, Jeffrey Franks told a news conference on Monday, where he presented the results of the IMF’s evaluation mission to Bucharest.

If Romania would have had set of better oriented economic policies at the end of 2008, the country had been in a better situation right now, when we have the crisis too, so that all we can do is seek for measures, Jeffrey Franks added.

The chief of the IMF mission to Romania underlined that the Fund wants to avoid worsening the situation in Romania and that it is currently seeking for a balance between the need to consolidate the economy and the severity of the measures, especially with the current situation being the result of a weaker first half than estimated by the Fund when concluding the Stand By Arrangement.

An element would be the current account deficit, which stands at 5.5 percent, against 7.5 percent in the IMF’s estimates.
The IMF delegation to Bucharest in the end of the news conference said that a slight improvement of the economic situation might still be seen in Romania in 2010.

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