Romania, "better prepared for the worse"

International Monetary Fund mission chief Jeffrey Franks explained that the present international economic context was both unsafe and difficult.

"Romania is now better prepared to face an economic crisis than it was two years ago", IMF delegation chief Jeffrey Franks estimated, during his meeting on Wednesday with the leaders of the coalition.

Prime Minister Emil Boc also confirmed that the next year’s budget scheme would be well thought-out, and that they would bear in mind the current state of the European Union.

Regarding the possibility of indexing pensions or reestablishing salaries in the budget-sector, the Romanian officials estimated that that would not be possible until the second half of following year, on condition that the economy allowed it.

"Romania is now better prepared than two years and a half ago, as it has made some improvements in structural reforms", IMF delegation chief Jeffrey Franks declared on Wednesday evening.

According to the IMF delegate, the present international economic context is both unsafe and difficult, and the plan for 2012 will need prudent tackling.

"A positive observation that we can make about these stormy times is that Romania is better prepared for the new wave, as a result of the important decisions we have made in order to reduce the current account deficit, the fiscal deficit and accomplishing structural reforms."

"Although these are difficult times, you have a strong and stable economy to rely on", Jeffrey Franks declared.

The Prime Minister Emil Boc stated that it was aimed to follow the initial plan, as well as to maintain the macroeconomic stability.

"We are on the right track in 2011. We have reached the allowed deficit target of 4.4 percent of budget deficit, and 1.5 percent of economic growth.

"Together we have managed to reach this macroeconomic stability, and we want it to be maintained in the future, especially in these difficult times", Emil Boc declared.

Translated by: Ţăpoca Angelica
MA Student, MTTLC, Bucharest University