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UPDATE: IMF rejects the unions' idea to supplement the loan

de A.C.     HotNews.ro
Luni, 2 august 2010, 17:13 English | Top News

Unions are scheduled to meet the IMF mission in Romania on Monday. Deputy President of the Alfa Cartel Petru Dandea declared for HotNews.ro that they will propose to the IMF to supplement the loan by 3 billion euro to pre-finance European funded projects: the unions plan to increase the pre-financing percent and see that beneficiaries receive loans from the state not from banks, as before. Several unions already have contracts to access EU funds through the Social European Fund with sums varying from several hundred thousand euro to several million euro. 

UPDATE IMF chief of mission replyed to union leaders that there is no way the IMF will allocate supplementary funds. He underlined that the state needs to use the money within the budget and increase the efficiency of EU fund management programs. 

He said that there are some concerns that the economy will have a lower comeback than initially thought and said that the government will have make some consistent fiscal adjustments. 

Dandea explained for HotNews.ro that beneficiaries of EU funds do not have money to continue projects so the government needs to come up with the necessary resources to increase the absorption speed of the funds. 

The unions thus propose to supplement the IMF loan by 3 billion euro. In his opinion, the money offered in advance for EU funded projects is not enough to continue the project. He said that another proposal is to transfer a part of the money included in the instalments to be paid for, for the creation of a special pre-financing fund. 


























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