Financial expert Balthazar: Economic growth possibly in 2010

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Financial consultant Bogdan Balthazar on Tuesday told Agerpres in an exclusive statement that the estimation of the International Monetary Fund (IMF) according to which Romanian economy could stabilize at the end of 2009 and register an increase by 0.5 -1 percent in 2010 is possible.

Using the second tranche of the IMF loan, which should be unlocked in September, to plug the budget deficit is an extreme measure, which clearly violates a set of well-established rules, because the money from the IMF should, as a general rule, be directed to the National Bank, not the budget.

But with the economic situation worsening severely, with the GDP plunging 8 percent, the authorities could not have resorted but to an extreme measure.

The fact that the members of the IMF mission stressed that they would not want Romania’s situation to get even grimmer is proof that they try to do everything in their power to help us overcome this rather extremely difficult period.’

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