Loading ...Romania's national dailies of Thursday give main coverage to the latest unemployment projections; the latest developments in the local real estate market; the Romanian Government intending to create software parks, with the conclusion of talks with the IMF for a financial package to Romania receiving the widest coverage.
Ziarul financiar remarks that Romania is borrowing 19.95 billion euros from the International Monetary Fund (IMF), the EU, the World Bank and the European Bank for Reconstruction and Development (EBRD), mentioning that this is the largest foreign loan in Romania's history, and that the money is needed to stabilise the foreign exchange rates and mitigate the effects of the ongoing crisis.The paper reports that Romanian officials have repeatedly said that the agreement has a preventative character and is like a safety net.
One of the main aims of the agreements is resuming lending by reducing the statutory foreign reserves of banks. The Government said it will no longer put pressure on liquidity on the monetary market, but it will stimulate investment and take measures to combat joblessness. The loan, the paper remarks, will also be an infusion of oxygen for the exchange rates.
Ziua remarks that this massive financial infusion risks being transferred abroad, instead of being used to benefit the local economy. The IMF is said to attempt winning the voluntary commitment of international financial institutions operating in Romania that they will not withdraw cash from Romania.Romania libera remarks that the IMF is requesting the Romanian Government to cut spending and reform the pension system in exchange for the loan.
Cotidianul notes that Romania has now an agreement with the IMF and the first reactions to this news are positive. It quotes Moody's analyst Kenneth Orchard as telling Reuters news agency that Romania's rating has a stable outlook and the agreement helps the Romanian Government preserve the rating.Ziarul financiar notes that the Romanian Government has to review the pension system and the wage policies for the public sector.
Inflation has to be kept at 3.5 percent by the end of the year and Romania will have to take measures to adjust its deficit and bring it down to below 3 percent of the Gross Domestic Product. The authorities will have to overcome the imbalance in the current account, the papers report.
The paper quotes head of the IMF mission in Romania Jeffrey Franks as saying inflation has to get within the limits targeted by the National Bank of Romania (BNR).
The paper quotes head of the IMF mission in Romania Jeffrey Franks as saying inflation has to get within the limits targeted by the National Bank of Romania (BNR).
The papers note that the assistance financial package asked by Romania will cover two years and it will be made up of 12.9 billion euros from the IMF, some 5 billion euros from the European Commission; 1.5 billion from the World Bank and 1 billion euro from other financial institutions. Jurnalul national quotes Romania's President Traian Basescu as having told a roundtable conference on Wednesday on the issues facing the local agriculture that a food crisis will probably follow, and Romania should brace up for such a situation.
In 2008, said Basescu, 3.5 billion hectares of land were left unattended, something, he argued, is raising a question mark to him, who does not know much about agriculture. Another interesting question, he said, is how come Romania has got to import 70 percent of its food, wondering if Romania has become a mere producer of raw materials.
Romania libera reports that the Labour Ministry has upwardly adjusted to 900,000 its unemployment estimates for the year 2009, as nearly 300,000 Romanian are expected to return from Spain and Italy and 100,000 of them would seek unemployment benefits.
Adevarul quotes Chaimrna of UGIR 1903 union of Romanian industrialists Ioan Cezar Coraci as saying the number of unemployed Romanians might reach one million by the end of the year, but the final outcome depends on how decisive the Government's actions to support the economy and small and medium sized enterprises.
Adevarul also informs that the Interagro group of companies will notify the Government that it will lay off 6,700 employees at six factories it will close by Monday.Gandul notes that with outstanding debts in excess of RON 2 billion and threats with liens from its electricity supplier, CFR SA rail carrier could give up the operation of 52 traffic sections that are now providing local traffic services but are generating an annual hole in the CFR budget of more than RON 98 a year.
Financiarul notes that the Romanian real estate market reported office rentals up 11 percent from 2007 and a 4-percent decline in the built office areas – 240,000 square metres, while 2009 estimates indicate that nearly 300,000 square metres of class A and class B office spaces will be completed.Adevarul reports that the Ministry of Communications and the SME Ministry will sign next week a protocol on the establishment of 10 software parks that will generated more than 5,000 jobs in the IT&C field.
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