Without the money from IMF and EC, Romania is on the verge of collapse

Representatives of employers’ organizations UGIR 1903 and CONIPROM said that if IMF and European Commission failed to disburse the third and fourth tranche under the SBA agreement, Romania would be on the verge of collapse, and a continued negative economic growth would lift the number of jobless to one million in 2010.

“This is the reason why we are willing to support the efforts put in by the International Monetary Fund to restart the aid deal, because a continued negative economic growth would leave one million jobless and the country broke”, said the general secretary of CONPIROM, Dan Matei Agathon.

The chairman of UGIR 1903, Cezar Coraci said that prior to authorities’ talks with the International Monetary Fund, Romania must receive the third tranche from the Fund, because the “cash shortage will drive the Government borrow money from the market, and this would affect the private sector”.

“Therefore, the banks will not have the money to finance the real economy”, said Coraci.

Representatives of UGIR 1903 and CONPIROM submitted an open letter to IMF asking the Fund to lobby the European institutions for supporting the measures proposed by the Government of Romania, which includes capitalization of Eximbank and CEC Bank as banks destined to shore up SME sector in the country.

The two organizations have also requested IMF to propose European Commission the reduction of joint financing ceiling under the projects that used European funds, as well as other measures to increase advances and payment for all projects carried with these funds.

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