The next IMF instalment depends on Romania's next year budget project. The budget has been calculated considering the Unique Income Scheme, the Law addressing the local administration reform and the Education Law. Romania's representative at the IMF Mihai Tanasescu told HotNews.ro that there isn't a plan B.
The laws have a significant impact on the budget spending. PNL blocked the laws in the Constitutional Court, notifying the institution on September 24 and claiming that the Constitution was contradicted.
"The way the budget is currently conceived responds to all conditions that Romania agreed upon with the IMF and we hope that the project will be quickly passed in the Parliament", Tanasescu added for Hotnews.ro.
Romania has a two-year agreement with the IMF for 12.95 billion euros. The total international financing packages, where the European Unions, World Bank and BERD join in, amounts to 19.95 billion euros.
The IMF estimates an 8.5% economic minus for Romania this year, followed by an increase of 0.5% in 2010. The Government and the IMF decided in August on a 7.3% of the GDP deficit, in contrast with 4.6%, the rate estimated when the stand-by agreement was sealed in March. The new projection also forecasts a decrease of the budgetary deficit to 5.9% of the GDP in 2010.