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Jeffrey Franks: we downgraded the economic growth estimate to -1.9%

de A.C.     HotNews.ro
Miercuri, 4 august 2010, 10:35 English | Top News

We downgraded the economic growth estimate for this year to -1.9%, IMF chief of mission in Bucharest Jeffrey Banks declared on Wednesday at the press conference presenting the conclusions of the IMF mission in Bucharest. 

Here are Jeffrey Franks's most important declarations: 
  • at the leve lof experts, we concluded that the performances for the end of June are good and policies are adequate to reach the targets set in the agreement

  • the fiscal program remains the same for 2010 and 2011 due to the extraordinary effort of Romanian authorities to adjust it 

  • We were impressed by the determination of local authorities to resolve fiscal difficulties 

  • The industry grows, exports increase and internal consumption is bad 

  • There are clues that we will witness a positive economic increase in the second quarter but it will be negative in the third quarter 

  • There are persistent weaknesses at the level of internal demand, regional uncertainties and floods can have negative influences

  • we downgraded the growth for this year to -1.9%

  • the government registers progress in personnel cuts procedures which will alloc public servants to be paid better 

  • reviews reveal that if there are no important secondary effects, the inflation will maintain in line 

  • if such secondary effects are manifested, the Central Bank will have to take measures

  • there were no necessary policy changes during this mission

  • there were some initiative and progress to cut the state's debts to private companies but the overall stock did not decrease

  • we agreed to offer a new delay if the government will allocate 2 billion RON to cover debts in the health system 


The most important declarations made by EC chief of delegation Laurent Moulin 
  • Romania fulfilled all conditions to release the next instalment

  • anti crisis measures implemented will be enough to reach the 2010 and 2011 deficit target

  • the salary reform will be implemented in the next months 

  • it is important to have predictability and certainty 

  • I do not see the need for other fiscal modifications 

  • the effects of VAT increase over the inflation are temporary


























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