Romanian government endorses letter of intent with IMF.

By bne IntelliNews May 24, 2012
The Romanian government has endorsed the letter of intent with the IMF, agreed during the Fund's recent quarterly review of the country's funding programme, news agency Mediafax announced. As we reported, the latest quarterly review of the Fund's stand-by agreement with Romania coincided with the overthrow of the PDL-UDMR centre-right ruling coalition. The Fund's experts, however, accepted carrying out talks with the then would-be PM Victor Ponta and his expert team that later on received a parliament approval to step into office before the end of the Fund's mission to Bucharest. The Fund and the government agreed to increase the year's fiscal deficit by some 0.35% of GDP to 2.2% of GDP in order to finance a public wage hike and to pay back pensioners some health contributions, which have been previously collected in excess.

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