AOAR: IMF thinks Romania needs higher budget reserves to be protected from shocks

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The representatives of the International Monetary Fund (IMF) – European Commission (EC) – World Bank (WB) mission consider Romania is still a fragile economy which needs a larger budget reserves to be protected against shocks, said Florin Pogonaru, president of the Businessmen Association of Romania (AOAR), after talks with the international lenders officials, Agerpres informs.

He pointed out that during the discussions with Troika ‘very broad topics’ have been approached, from energy to EU funds and issues amending the Tax Code as well as the individual insolvency law.

Regarding the European funds, it was noted the increasing absorption level, but the IMF board expressed also the interest on the 5 to 10 priorities for funding. According to Pogonaru, they also discussed about the application in public procurement field of the European directives, focusing at value for money and not just the lowest price. It was also noted that the budget for 2014 – 2020 occurred only two programs and they would like to see a clear timetable in this respect.

Also, the Romanian businessmen analysed with the international financial institutions officials the bad loans issue, “the fact that they still exist and are not a brake”, but also about the budget deficit and MTO – Medium Term Objective.


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