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IMF: Romania comes out of recession at the end of the month
Public expenditure being ‘infested’ by inefficiency, fiscal consolidation much continue, said IMF mission head in Bucharest Jeffrey Franks. IMF approved new 24-month precautionary Stand-By Arrangement of about EUR 3.5 bln, completing the 7th and final review.
The Executive Board of the International Monetary Fund (IMF) approved on Friday a new 24-month precautionary Stand-By Arrangement (SBA) in the amount equivalent to SDR 3,090.6 M (about EUR 3.5 bln, 300 pc of quota), with the SBA coming into effect on March 31, 2011, as a press release informs.
After the announcement the head of the IMF mission in Romania, Jeffrey Franks, told Mediafax on Saturday that the country would come out of recession at the end of March, the economic growth would follow an ascending trend from one quarter to another and the population would only feel an improvement of the situation towards the middle of the year.
The data confirms PM Emil Boc’s statements mid-February that there were signs suggesting Romania would formally come out of recession by the end of March.
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Source: Nine O'Clock |
