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Finance minister Pogea: no one should be surprised if Romania will register a negative growth this year, but this does not necessarily translate into an economic collapse

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Financial daily Ziarul Financiar invited PM Emil Boc, Finance Minister Gheorghe Pogea, Minister Vasile Blaga, Romania’s Central Bank chief economist Valentin Lazea and business representatives to talk about Romania’s economy in 2009 and the government’s measures to counter the crisis.

Here are some of the most important declarations:

PM Emil Boc

  • The IMF and EC loan is preventive and we do not need to increase any taxes
  • 80% of debts to the private sector will be paid. I will make sure they will be paid
  • we need to relaunch credits
  • 2/3 of the IMF sum will go to the Central Bank, 1/3 to the Finance minister of which some will support banks to relaunch credits
  • EBRD will sustain Romania’s banks
  • the government will support the business community: we cannot have a market economy without an effective environment
  • we will decrease bureaucracy and counter corruption
  • the Interior minister is the best example of a successful reshuffling of the ministry

Finance Minister Gheorghe Pogea

  • We should not be surprised if Romania’s economic growth will be negative
  • we plan to unlock the banking system
  • Romania must sustain investments and attract as many funds as possible
  • the IMF loan is a good thing, there has been too much speculation on the issue.
  • I will due the best I can to decrease the administrative burden

Central Bank Chief Economist Valentin Lazea

  • we need to change the economic growth paradigm
  • growth resources must be searched for in the internal economy
  • It is very hard to shift to a growth based on savings from the internal economy but we need to be patient
  • IMF loan must have three goals: to increase the international reserve, to ease the foreign distrust in the Romanian market and support structural reforms
  • If Romania will continue to be perceived below the investment grades, the foreign perception will not change
  • do we give up privileges or we increase taxes?  
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