Loading ...Romania's national dailies of Thursday give main coverage to an external loan Romania is contemplating raising from the European Commission and the International Monetary Fund (IMF); a first round of talks for the conclusion of an agreement between the Romanian Government and the IMF; retired Romanian tennis player Ilie Nastase being made a Cavalier of the French Legion of Honour; the European Union giving Romania 11.8 million euros to diminish the effects of the 2008 floods.
Romania libera remarks that the money Romania intends to borrow in a financing package from the European Commission and the International Monetary Fund will be paid out in installments, provided that some conditions are met, which will be monitored by the Commission and the IMF.
Most of the papers comment on the loan.
Most of the papers comment on the loan.
Romania libera quotes European Commissioner Joaquin Almunia as saying the loan to be granted to Romania will be a back-to-back one delivered in installments, provided that the conditions agreed upon by the Romanian authorities and the IMF under the coordination of the IMF are met, and that other European Union member states may share the effort.
Early this week, sources with the Romanian Government said that following the latest evaluations by the Public Finance Ministry and the National Bank of Romania (BNR), Romania intends to borrow 19 billion euros off the European Commission and the IMF in a financial package toward which the Fund should contribute 12 billion euros.
Business standard notes that President Traian Basescu told the public radio station in a statement on Wednesday that Romania will take out a two-year loan with a small interest rate, refusing to disclose the exact amount envisaged.
Business standard notes that President Traian Basescu told the public radio station in a statement on Wednesday that Romania will take out a two-year loan with a small interest rate, refusing to disclose the exact amount envisaged.
Basescu explained that he has a joint evaluation by the BNR and the Finance Ministry of the amount Romania needs to borrow from the IMF, but he will not disclose it because if the amount is eventually incorrect he will become the target of media attacks.
"We cannot tell what the amount actually is before the assessment is over, but we are already talking about billions of euros – either 10, or more than 10 billion or even 20 billion," said Basescu, adding that Romania will not be able to overcome the crisis unless it takes out a loan from the IMF.
Business standard notes that the National Bank of Romania might cut the mandatory reserves on forex deposits if an agreement is reached with the IMF, and the Government manages to strengthen budgetary and wage discipline, as discussed during the first day of ongoing talks between the Romanian Government and the IMF.
A first round of talks was held on Wednesday between IMF and BNR, which will be the main beneficiary of the financing package and which intends to use the money to strengthen its forex reserves.
A first round of talks was held on Wednesday between IMF and BNR, which will be the main beneficiary of the financing package and which intends to use the money to strengthen its forex reserves.
Ziarul financiar and Ziua note that the Chamber of Deputies will allocate RON 500,000 (116,000 euros) from its own funds to sponsor a financing programme for partnerships with NGOs.
The memorandum approving the move says qualifying for financing are projects of the non-governmental organisations that are aimed at advocating the interest in the smooth running of the legislative process, increased transparency and the need for fair public presentation of the activities of the Chamber of Deputies.
Funds will go to projects promoting the legislative proposals advocated by the Chamber of Deputies for improving laws and the drawing up of legislative initiatives.
Romania libera reports that Romania will be receiving 11.8 million euros for the 2008 floods, as the European Parliament has approved its first 2009 rectification draft, in which it calls for the mobilisation of 11.8 million euros from the Solidarity Fund of the European Union to diminish the effects of the floods that hit Romania in July 2008.
The European Parliament adopted two reports on the allocation of the amount, namely a report on the mobilisation of the Solidarity Fund and another one on the rectification of the 2009 Budget of the European Union.
Financiarul remarks that the February 2009 inflation reached 6.89 percent, exceeding by far the expectations of analysts. Rises in consumer prices slowed down in the second month of 2009, but inflation had already been on a rising trend. Thus, prices advanced 0.88 percent on a monthly basis, compared with a 1.24 percent rise in January 2009 from December 2008.
On the other hand, data with the National Statistics Institute (INS) indicate that year-on-year inflation stood at 6.89 percent in February, compared with 6.71 percent in January. Although monthly inflation was down, average inflation in the past 12 months was 7.7 percent.
The highest rise was recorded in non-foods prices, of 1.3 percent, followed by services prices (1 percent) and foods prices (0.3 percent).
The highest rise was recorded in non-foods prices, of 1.3 percent, followed by services prices (1 percent) and foods prices (0.3 percent).
The paper also notes that compared with 2008, the price for one square metre of built space declined by 20-30 percent, on the average, and analysts are expecting the trend to continue until sales go up significantly, particularly in the residential sector. With the fall in the property prices came the fall in the market for construction materials, which reported price drops of up to 50 percent and plummeting sales.
Ziua reports that retired Romanian star tennis player Iie Nastase was made a Cavalier of the French Legion of Honour, an award handed in at the residence of French ambassador Henri Paul in Bucharest on Wednesday. The paper comments that recognised the world over as one of the most spectacular tennis players of the world tennis, legend player Ilie Nastase received the award under an order signed by French President Nicolas Sarkozy.
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