Basescu: a portion of the IMF loan could be used to raise wages and pensions

President Traian Basescu said in an official statement at Beirut earlier today, that a portion of the borrowing arrangement with IMF could be used to stabilize pensions and raise low wages, in the event of a further deterioration in the economic system.

President Traian Basescu has laid out to the Lebanese business persons the investment opportunities emerging in Romania as well as the economic conditions, during a meeting organized at the Chamber of Commerce.

The head of the state wished to make some commentaries related to the IMF loan arrangement, due to be sealed soon.

“We will receive a financing package totaling 20 bln euros from EC and IMF. 13 bln euros are earmarked to the strengthening of national reserves and to the stability of the leu against other currencies. Another 6 bln euros would go under the Government’s administration for investments. Only under special circumstances the 6 bln euros would used in other purposes than investments. If needed, this chunk would be used to improve the pension scheme and raise low wages, in the event of a further deterioration of the economic climate”, said president Traian Basescu.

President Traian Basescu arrived today in Lebanon for a two-day official visit today on the invitation of his counterpart, President Michel Sleiman.

During his visit, the President of Romania met with the head of Lebanon, with the president of the Council of Ministers and with the president of the Parliament. President Traian Basescu has also attended the opening of Romanian-Lebanese business forum and will meet with the representatives of Romanian community in Lebanon, and with Lebanese graduates of Romanian universities.

In his visit, the Romanian president was accompanied by the first lady, Maria Basescu and by the minister of finance, Gheorghe Pogea.

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