Tuesday, December 14, 2010

Romania's president says country risks IMF loan

BUCHAREST, Romania (AP) — Romania's president has warned the country's lawmakers that they risk jeopardizing a multibillion dollar loan from the IMF if they do not pass the necessary laws required by the group.

Traian Basescu is having discussions with political parties on Monday to find consensus on passing a new public wage law, the 2011 budget and pension reform. Without these laws, the International Monetary Fund will not disburse the next installment of a euro20 billion ($26.67 billion) IMF-led loan.

Romania's Parliament has been blocked in recent months after accusations by journalists and opposition parties that the pension law was passed fraudulently. The president returned the law to Parliament. One opposition party refused to attend the discussions.

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