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BCR: Romania still needs IMF's "guidance" so as not to return to past budgetary excesses

BCR: Romania still needs IMF's "guidance" so as not to return to past budgetary excesses
17.08.2010, 23:48 13

Romania will need further "guidance" from the IMF and theEuropean Commission after the current agreement expires nextspring, so that agreed upon reforms should be continued,considering 2012 is an electoral year and past excesses must beshunned, believes Lucian Anghel, chief-economist of BCR, thebiggest domestic bank in terms of assets.
"Romania still needs the measures agreed on with the IMF. The Fundcould provide Romanian authorities with technical assistance andpossibly a new type of loan, which we needn't necessarily draw. Weneed guidance, we need this 'stamp' of an economy that isrecovering under the supervision of international financialinstitutions," stated Anghel as he presented the bank's quarterlyreport on macroeconomic targets, which includes projections until2012.
BCR expects the economy to contract by 3% this year and a GDPadvance of 1.2% in 2011.
The fallout of the austerity measures implemented starting July 1could be quite rapidly absorbed by the Romanian economy and wecould expect a gradual advance in quarterly GDP in seasonallyadjusted terms starting the last quarter of this year, Anghelsays.

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