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Latest Exchange Rates USD 1 = ROL 33,593.500 EUR 1 = ROL 30,958.0990 Quote of the Day "If you do not kill dictators, you only provoke a chain reaction." Who said it and on what occasion? This Day in History May. 29 George Bacovia [Vasiliu], Romanian poet/composer (Plumb), died at 75. What year was it? Poll Polish leaders sharply rejected any possibility of a special Russian transit corridor through Poland linking the Russian enclave of Kaliningrad with the rest of the Russian Federation. Should Poland reevaluate its position? Visit Discussion Boards to Voice your Opinion! (May. 15, 2002) Yes. No. Don't know.
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European Internet > Romania Today > General News CLICK HERE TO GET THESE HEADLINES E-MAILED TO YOU DAILY Real Reasons for IMF to Turn Its Back to Romania BUCHAREST, May 23, 2002 -- (Monitorul Online) The postponing of installments two and three of the stand-by loan with IMF represents the first clear sign of mistrust of the international financial organism towards the economic policy of Government Nastase.
Even if the Executive minimized the incident, in the eyes of the foreign institutions both the incompatibility between the Romanian economy and that of the EU countries and the lack of reforms in Romania starts becoming visible. The international financial organisms turned their back to Romania. According to an article published in the prestigious "Financial Times", the Director Council of IMF postponed the discussion of the releasing of installments two and three in the stand-by agreement with Romania out of two reasons at least: the political fight between PSD and PD on issue the of the loans that BEI and BERD intends to accord the City Hall of the capital and the lack of transparency of the Executive in the case of important privatization. The British newspaper underlines that the international organisms watch with more and more suspicion the way in which the Romanian party would spend the 700 million dollars. The mistrust of the financial institutions was induced especially by the obstinacy of the counselors PSD not to vote the contracting the loans BEI and BERD, amounting to about 300 million dollars. In a discussion with the representatives of the two banks, Traian Basescu, mayor of Bucharest, declared that the officials of PSD in the Municipal Council are maneuvered by the leadership of the ruling party, which would be interested in directing the money towards the branches closed to the party. Another serious reason that relied at the basis of the postponing decisions is the IMF and WB worry as for the way in which the privatization process takes place in Romania. An example is the privatization of ALRO in Slatina, a process in which the Romanian state was accused of lack of transparency, selling the company "Marco International" one of the few profitable State companies. Moreover, "Financial Times" writes, in the international business circles there were discussion about the tight relationships between the individuals in the leadership of "Marco International" and persons suspected of being part of he Russian mafia. The Romanian authorities don't think the arguments brought by "Financial Times" are veridical. On Monday, the minister of Public Finance, Mihai Tanasescu, declared that the disputes with the International Monetary Fund, especially as for the restructuring of the companies, are rather of linguistic order, invoking mistranslation problems. (C) 2002 Monitorul Online.
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