Loading ...The negotiations for the loan from the International Monetary Fund (IMF) should consider a 5-7 year grace period so that the money should start being paid at a peak moment when the money is drawn from the European Union, said President Traian Basescu on Thursday.
"I think that a 5-7 year grace period should be negotiated so that we should begin giving back the money we shall possibly borrow at a peak moment when the money is drawn from the EU in order to strike the balance between payments and returns.
"I think that a 5-7 year grace period should be negotiated so that we should begin giving back the money we shall possibly borrow at a peak moment when the money is drawn from the EU in order to strike the balance between payments and returns.
The payment in one year is out of the question. We could begin paying the money back after the second year, but I think that we should start paying the money back gradually after five years, in 2014, when Romania has a good capacity to absorb the European funds. I have the right to hope for a five year grace period so that, when paying the instalment to be given back, we should also have funds in order to have balanced payments and returns," said the President.
Traian Basescu said that he could not mention a figure connected to the value of this loan, but emphasized the fact that this agreement might have the financing term for one or two years. "Let us engage a sum necessary for this year or let us have the courage to look in the future and engage a sum that will be necessary to us," said the Head of State.
He made it clear that, for the time being, there was no option and that the results of the assessments would have to be waited for.
He made it clear that, for the time being, there was no option and that the results of the assessments would have to be waited for.
"In Bucharest there is a team from the World Bank, from the ECB, from the European Commission and the IMF, a team that will make up a team with our experts. Probably on Tuesday or Wednesday they will end the assessments that will be the common point of view of the two sides and we shall be able to draw the necessary conclusions if we are going to make an agreement for one or to years," explained Traian Basescu. The President also added that he was the supporter of using the crisis for the modernization of the country.
"It would be essential for us, in 2009- 2010, to have the sums necessary for investments, to create new jobs and carry out the structural reform in education, in the state apparatus, in administration. Besides what I have said, namely that we need solidarity, austerity, the courage to carry out structural reforms in order to get safely out of this crisis, I have a feeling of optimism.
Considering this situation of crisis, the Government does everything necessary and will make the most correct decision on the amount of the loan and the way to use it at the time of crisis. During the negotiations we shall consider it, both the Government and BNR [the National bank of Romania] and me, as they will talk with me too, this is why we are resorting to the loan: to modernize the country and not to make the population live in difficult conditions.
If it had not been for this aim, a loan from the Fund would not have been necessary," concluded the Head of State. In case it is agreed upon, this would be the 11th agreement concluded by Romania with the IMF. After 1990 Romania has managed to finalize one single agreement with the Fund, the one over 2001- 2003.
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