Green light for the ratification of the SBA between Romania and IMF

Deputy Chamber’s plenary session passed today the emergency ordinance No 99/2009 regarding the ratification of the Stand-By Arrangement between Romania and International Monetary Fund with 191 affirmative votes and 8 negative.

The Deputy Chamber is the first chamber to take notice of the case, the ordinance following to be passed to the “House of Review”, which is the Senate.

Debates on the normative act were held on October 12 when the liberal Deputy Eugen Nicolaescu proposed the draft emergency ordinance to be passed to Commission, saying the agreement will bring about adverse effects compared to the Government’s goals, as it would “increase fiscality” and “impoverish population”.

“Initially we wanted to oppose to the adoption of the report, together with PNL”, said the deputy. The liberal commented that, instead of strengthening the fiscal policy and to keep the banks’ capital adequacy ratios, the agreement with IMF “would produce reverse effects”, as the Government didn’t have the capacity to meet these objectives, and would subsequently raise fiscality and impoverish population.

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