MFP: Letter of Intent with IMF aims at ensuring sustainable macro-economic balances

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The content of the new Letter of Intent with the International Monetary Fund (IMF) aims at ensuring the sustainable macro-economic balances and at continuing the economic growth and the purpose of signing a new agreement is not connected with the introduction of new fees and taxes, the Public Finance Ministry (MFP) points out in a release.

According to MFP, the completion of the negotiations with the international partners (the European Commission, the IMF and the World Bank) and the work out of the draft of the Letter of Intent and of that on the memorandum for economic and fiscal policies represent a success of Romania on the line of maintaining the confidence of the international financial environments and of the foreign investors in the Government’s macro-economic policies.

‘The drafts of the Letter of Intent and of the memorandum are not public documents yet. Therefore, the materials on this topic circulating in the media do not come from official sources and cannot be confirmed before their being approved by the Romanian authorities, the IMF Board and the ECOFIN Council of the European Union. However, we are capable to disclaim the existence of some concrete measures increasing taxation for certified self-employed persons and intellectual property rights or the increase in the health insurance for the persons with high incomes supporting family members not contributing to the health insurance system, such as it has recently been mentioned in the media. The Government plans to identify new solutions to reduce the labour taxation burden,’ the MFP mentions.

Moreover, the Public Finance Ministry points out that the main objective of the new programme is that of ensuring the foundations of a healthy economic growth by making a priority out of public investments by setting up some clear criteria and a list of priority investments by mid-September, which will be taken into account in the work out of the budget draft for 2014, and by enhancing the cap of state guarantees from an annual average of about 2.5 billion lei over the past four years to eight billion lei per year.

Last, but not least, MFP aims at increasing the net cap of the loans for drawing European funds that can be granted from the State Treasury, from one billion provided for the end of the third quarter this year to three billion lei at the end of this year, at implementing structural reforms for the continuation of the listing or privatisation process of some companies in the energy area, such as Nuclearelectrica, Oltenia Energy Complex, Hidroelectrica, Romgaz, but also at improving the state-owned companies’ performances.

The Finance Ministry maintains that the negotiated aspects will contribute to the increase in the population’s living standards, through a series of measures such as: the VAT reduction for bread and for the production chain, the enhancement of the minimum guaranteed income, the increase in the family allowances and in the aids for heating.

The measures agreed with the international financial institutions are grounded on continuing the fiscal consolidation and the macro-economic stability, by maintaining some public debt and some budget deficit levels that can be funded at reduced costs, the release also reads.

The MFP representatives also point out that the purpose of signing a new agreement is not connected with introducing any new fees and taxes. ‘The content of the new Letter of Intent with the IMF aims at ensuring the sustainable macro-economic balances and at continuing the economic growth, providing necessary measures for attaining reforms in areas such as: health, transports, the energy sector, the EU funds absorption, the continuation of the restructuring process of state-owned companies, etc,’ the document also shows.

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