Tuesday, February 8, 2011

IMF says Romania's economy is stabilizing

BUCHAREST, Romania (AP) — An International Monetary Fund official says Romania's economy is stabilizing after two years of recession.
Jeffrey Franks says Tuesday Romanian unprofitable state-owned companies must be reformed.
Franks, who heads the IMF mission to the country, says Romania should speed up spending the euro19 billion ($25.75) billion allocated by the European Union. Romania have used only 2 percent of EU funds so far.
Romania's economy has been hard hit by the economic downturn, contracting by 7.1 percent in 2009.
In 2009, Romania took a euro20 billion ($27.11 billion) loan from the IMF, the European Union and the World Bank.
The agreement ends this spring, and Romania is seeking a new euro5 billion loan until 2013, to tap into only in case of emergency. 

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