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President Basescu: Romania will sign an agreement with the IMF in 2011 

de A.C.     HotNews.ro
Marţi, 21 septembrie 2010, 16:43 English | Top News

President Traian Basescu declared, in an address to the Parliament, that Romania will sign a new agreement with the IMF. Due to deficits and lack of structural reforms, Romania has huge troubles getting a long term loan, Basescu explained. Follow in the article his main declarations on economic issues.


  • We have a low absorption level of European funds. I would be more useful to have one institution to deal with EU fund management 

  • the maintainance of an IMF agrement is related to Romania's trust on international markets and for investors 

  • we need a continuity for reforms, irrespective of the political color of the party that will be in government. You have two options: sustained reforms or populism. Any responsible governance will promote an austerity policy. Structural reforms are not right wing or left wing. An appeal to responsibility is address to the whole political class

  • we know our target for the next few years: a united Europe. In the next 10 years we have the chance to gain ground and reduce differences with other EU states 

  • by 2020 the nymber of people living in poverty needs to be reduced by 25%. By 2020, the money allocated to research will amount to 2% of GDP. This means we have a chance to cut differences which separate us from other EU countries. Success means to allocate resources, both national and European 

  • we need to set a realistic date to adopt the euro 

  • we have seven operational programs financed by the EU 

  • about the European economic governance: all 27 member states will have to submit their budget for approval to the EC. If the numbers will not be respected, euro zone states will be fined with percents of GDP and those outside the euro zone, with cuts in European funds. Noone should consider not to respect Maastricht conditions. By 2012 Romania needs a deficit below 3%. The Parliament should be aware of this. These are the medicines against populism, which encourage development in the same time. 

  • A competitive country needs to have a reformed judicial system which both Romanians and Europeans need to trust. the law of reforms in the judicial system is very important. 

  • allow me to urge you to give more importance to the law on education and the law on private public partnership 

  • Steadily Romania exits the recession. For 2011 estimates reveal that we can register growth by 2% if structural reforms will be implemented. In 2012- 2013 the increase can grow to 4%. This is not enough to have economic development, we need at least 5%. 

  • in 2011 we need to loan about 5.7 billion euro to cover the budgetary deficit alone 



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