Brussels, 05/02/2014 (Agence Europe) - After a recent monitoring mission on the financial assistance scheme in Romania that runs until the end of 2015, the European Commission and the International Monetary Fund explain in a joint press release issued on Tuesday 4 February that “progress on reducing state-owned enterprise arrears in has stalled. However, corrective actions are being launched, including budgetary transfers and restructuring measures. An action plan to sustainably lower arrears over the medium term will be defined. Building on the success of the Romgaz IPO, progress toward completion of Initial Public Offerings (IPOs) of three other state-owned enterprises remains broadly on schedule”.
The Commission and IMF welcome the health of the Romanian economy, which saw GDP grow by 2.8% in 2013 (2.2% growth is expected in 2014) thanks to strong exports, a historically low level of inflation and a public deficit of 2.2% of GDP. The EU has given Romania a preventive credit line of at least €2 billon until October 2015 under the balance of payments aid scheme (see EUROPE 10949). (MB/transl.fl)