IMF Expects Harsh Austerity from Romania
- Tweet
Send to Kindle
The IMF said it expects Romania to keep on “extremely harsh austerity measures” in order to receive the last EUR 900 M installment of a EUR 20 B loan.
It added that the IMF mission end of June “achieved good results” and expressed optimism about the country's prospects of reining its economic and financial situation.
“Once the Romanian authorities fulfill initial conditions, the Board will meet and give approval for the last installment of the loan,” said IMF's representative for Romania Jeffrey Franks.
Austerity for Romania includes decrease of state-sector salaries by a staggering 25% and a VAT hike from 19% to 24%.
The IMF representative said he expected that if those measures are observed there would be no need for additional tax hikes or cuts from salaries and pensions.
A chief goal of the austerity measures it to keep Romania's budget deficit for 2010 at 6.8%.
Bulgaria Commits to 3% Budget Deficit in 2025, Finance Minister Confirms
Bulgaria's Deputy Prime Minister and Finance Minister, Lyudmila Petkova, confirmed that the draft budget for 2025 will target a deficit of no more than 3% of the country’s GDP
Bulgarian Retailers Prepare for Euro Transition Amid Complex Changes
Retail chains in Bulgaria are actively preparing for the transition from the Bulgarian leva to the euro
Rising Debt Among Young Bulgarians: A Concern for Financial Literacy
The number of young people up to the age of 25 who are heavily in debt is on the rise in Bulgaria
Gross External Debt in Bulgaria Climbs, Driven by Long-Term Liabilities
At the end of July 2024, Bulgaria's gross external debt reached 43.69 billion euros
Bulgaria’s Finance Ministry Anticipates Meeting Eurozone Inflation Criteria by December
Bulgaria's Ministry of Finance is optimistic that the final requirement for joining the Eurozone will be met by December
Majority of Bulgarians Report Decreased Savings Amid Inflation Surge
A sociological survey conducted by the Trend agency and commissioned by the Expert Club for Economics and Politics (EKIP) reveals that 73% of Bulgarians feel their savings have diminished due to high inflation since mid-2021.
