Basescu: IMF�s proposals wouldn�t have cured Romania�s budget crisis

President Traian Basescu said that the corrective actions proposed by the IMF mission in Romania hadn’t included only the VAT and single tax hike, but also a reduction in public wages, and that if Dominic Strauss-Khan, the president of the International Monetary Fund had any doubts in this regard, he could send him a copy of the document agreed between the Fund and Romania.

“I’ll begin by reminding you the plan proposed by the IMF, EU and World Bank during their mission in Bucharest, but I will firstly refer to the options presented by the Fund. If Mr. Strauss Khan has any doubts, I will personally send him the document that outlines the measures proposed by the IMF, which includes: the raise of the VAT from 19% to 24%, of the single tax from 16% to 20%, and public wage cuts of 20%”, said the president of Romania as a feedback to the IMF president’s statements last week.

Basescu explained that Romanian authorities have rejected IMF proposals because it would have led to a double-digit inflation rate and wouldn’t have cured the country’s budget crisis.

“A VAT hike from 19% to 24% would have pushed inflation rate to double-digit levels. The inflation would have been at least 10% this year, far above the 4.5% target. It would have also led to a switch of overhead expenses in the economic area. After talks with the Government and NBR, we have agreed to reject IMF propositions”, said the president.

Dominique Strauss-Khan said recently in an interview for France 2 that he had opposed the 25% public wage cut, suggesting a hike of tax on rich, an option that was ruled out by the Romanian government.

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