Jeffrey Franks (IMF): Romania had to chose between layoffs and lower incomes

Head of the International Monetary Fund (IMF) Mission to Romania Jeffrey Franks stressed on Monday, in a press conference occasioned by the conclusion of the joint assessment mission of IMF, World Bank and European Commission, that the Letter of intent does not specify the number of layoffs in the public sector.

But he drew the attention that the number of jobs in the public sector grew by some 250,000. Under conditions of the need to cut the budget spending, a similar number of employees, although not specified in the official documents, should be fired.
„Under these conditions, Romania‘s Government opted for a wage cut in general in the public sector instead of laying off some hundreds of thousands of people”, said IMF representative. Jeffrey Franks added that the jobless rate in Romania is below the EU average and, despite being on the rise, it has all the chances to stay below that value.

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