Finance Minister Sebastian Vladescu announced yesterday thatRomania would "experience deeper recession than expected" in 2010,with the new macroeconomic forecasts for this year being currentlyworked on. An IMF team will come to Bucharest after July 20, but inthe meantime the Government is feverishly waiting for the Fund toapprove the release of the fifth tranche worth around 900 millioneuros, after a VAT hike from 19% to 24% was announced.
"The Romanian authorities have shown strong commitment to theireconomic program by quickly identifying compensatory measures afterthe ruling of the Constitutional Court. The IMF's Executive Boardis scheduled to meet on Friday July 2, 2010 to conduct the fourthreview of Romania's Stand-By Arrangement (SBA). Subject to theBoard's completion of this review, the fifth tranche (SDR768million, or about 900 million euros) will become available to theNational Bank of Romania after two working days," Tonny Lybek, IMFregional representative for Romania and Bulgaria said in a pressrelease. The IMF postponed the board meeting, originally scheduledfor Monday, after the Romanian Constitutional Court ruled asunconstitutional some of the austerity measures proposed by theGovernment.
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