Romania gets further EUR 1.5 bln from EC, should work on EU funds absorption and debt payment

Romania has received the third loan tranche from the European Commission, some EUR 1.2 billion on Wednesday. So far, Romania cashed in EUR 3.5 billion from the EUR 5 billion EC loan. Romania will achieve its targets set together with the International Monetary Fund and the European Commission for 2010 and 2011, without the need of supplementary measures, said Laurent Moulin, the head of the EC unit for the Czech republic, Poland, Romania and Slovakia. “We are optimistic about Romania's future. The EU and the IMF are happy with Romania's progress,” said Moulin. He has mentioned the pensions reform and the unitary salary law among the positive issues for Romania, counterbalanced by the difficulties in continuing the country's macroeconomic stabilization plan. “The business environment needs to become stable and predictable and the discussions about taxation changes and the pensions law are not productive,” Moulin has warned. He believes Romania needs to start relaxing the monetary policy and improving the orientation of the social assistance system. The country's priority should remain the absorption of EU funds and paying its arrears, said Moulin. Romania-insider.com