Romania could receive IMF tranche by June-end

Minister of Finance Sebastian Vladescu announced on Sunday evening that Romania could receive IMF tranche by June-end, in case measures announced by the Government are implemented till June 20.

„We established (together with International Monetary Fund – IMF delegation – editor’s note) all the other details linked to the budget rectification, zones where the revenues will drop, zones where we will operate spending cuts, and they are going to be implemented in the upcoming period. Implementation deadline is somewhere by June 20, so that at the moment of the presentation of the letter of intent to the IMF Board, a great part of those already assumed will be implemented and we could receive the IMF tranche by the end of June.

However, the transfer will be made in line with their internal procedures, therefore not dependent on us, either in July or in September”, explained the Minister of Finance at the end of the meeting the leaders of the ruling coalition had with Premier Emil Boc on Sunday, at Victoria Palace. He stressed that talks with IMF on the letter of intent were concluded on Sunday, being established a budget deficit at 6.8 percent of the GDP for 2010.
According to Vladescu, there were no easy options and since the very beginning it was very clear that an adjustment of more than three percentage points of the GDP will be needed, otherwise the estimated budget deficit would have exceed 9 percent of the GDP.

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