New IMF loan for Romania deters investors

At the beginning of 2009 the IMF, EU and World Bank approved a 20 billion euro emergency loan for Romania. Last week the Romanian head of state Traian Băsescu announced in a speech to parliament that in 2011 the country will need a new IMF loan for further billions of euros. The daily Adevărul criticises the government: "Such news confirms once more that the authorities are incapable of solving their problems. And worse still is the fact that the expected recovery remains a fata morgana. A new loan from the IMF will destroy any hope of tax relief or incentives for investments and business. The IMF's conditions not only prolong indefinitely the agony we have been suffering, they also deter foreign investors from coming to our country. Because it's easier for our governments to complain about having no money and then borrow it from Washington than to work out programmes ... that will get the country back on track."

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