Brussels, 11/05/2010 (Agence Europe) - A joint European Commission, IMF and World Bank mission was in Romania from 26 April to 10 May to assess implementation of the economic programme adopted as part of the balance of payments support mechanism (which intervenes with €5 billion out of the international financial assistance package of €20 billion). Since activation of the package in April/May 2009, the Romanian currency (RON) has stabilised, inflation has been kept under control and interest rates have fallen, thus creating conditions for businesses to recover form the economic downturn, the Commission notes in a press release published on Monday 10 May. The country must nonetheless continue economic reform and enhance budgetary consolidation efforts. Additional measures along these lines were agreed by experts from the mission and the Romanian authorities, in order to bring the deficit down to 7.3% of GDP in 2010. These measures mainly concern the expenditure side (cuts in public sector salaries and pensions, cuts in other social benefits, etc). In case such measures do not prove sufficient to reach the agreed deficit target, the Romanian authorities have committed to implement the revenue raising measures required to achieve the 7.3% of GDP budget deficit target. Generally speaking, the mission concluded that Romania had largely fulfilled the other conditions associated with the EU loan (fiscal governance, reform of public sector pensions and salaries, and financial regulation and supervision) - progress considered essential with a view to making rapid progress in absorbing EU structural funds. The new budgetary measures should be included in a “supplemental memorandum of understanding” to be signed in June 2010. (A.B./transl.jl)