The IMF, the European Commission, and the World Bank havecompleted the review of Romania's economic performances in thefirst half of the year, and the new macroeconomic forecasts for2011, with conclusions of talks with the Romanian authorities to beannounced today in a press conference.
The release of the around 900 million-euro tranche of the stand-byarrangement with Romania depends on the conclusions of the review.Although the target set as regards the state's arrears to companieshas been, as usual, missed, the release of the tranche in thesecond half of September appears to be quite certain.
Economic growth, fiscal policy, structural reforms, the state ofthe financial sector, and monetary policy are some of the topicsdiscussed by the Romanian authorities with the IMF.
While this year will quite certainly see economic recession deepen,2011 estimates appear quite upbeat.
After the economy fell by 7.1% in 2009, this year's contraction isexpected to be 1.7-1.0%, whilst the draft budget discussed with theIMF provides for a 1.5-2% GDP rise, as announced by FinanceMinister Sebastian Vl`descu. It remains to be seen if the economicprogression will contradict the optimism of the authorities and ofthe international financial institutions, as has been the case thisyear.
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