Tag: IMF delegation to Bucharest

  • February 7, 2025 UPDATE 3

    February 7, 2025 UPDATE 3

    INVESTIGATION – The Romanian Prime Minister’s inquiry corps has uncovered irregularities and evidence of negligence in the organization of the exhibition at the Drents Museum in Assen, where Dacian treasure items were stolen. The report, which was submitted to the Prosecutor General’s Office, shows that the National Museum of History of Romania and the Ministry of Culture accepted less rigorous security measures than those established for the exhibitions in Madrid and Rome, such as the lack of permanent security. Another irregularity refers to the fact that the exhibition did not have the approval of the Museum’s Board of Directors, as required by the regulations in force, and the loan contract was not concluded in authentic format. In addition, the insurance value of the goods exhibited in the Netherlands was the last to be established, and for certain items the assessment was based on a revaluation carried out 14 years ago. According to Dutch Police, hundreds of tips have been received in connection to the heist, mostly information about the locations where the suspects were seen after the robbery and the people they met with. Dutch law enforcement has arrested three suspects last week, two men and a woman, who refused to say where the stolen objects were. All three suspects are still in custody. Dutch art detective Arthur Brand believes there is a 50% chance that the thieves have already melted down the artifacts (a helmet and three bracelets, all heritage items), for their corresponding gold value.

     

    GDP – Romania’s GDP per capita at purchasing power parity has exceeded Poland’s, according to a research conducted by experts from the Academy of Economic Studies in Bucharest. According to the source, Romania fares better than other economies in the region, such as Hungary, Croatia or Greece, and the nominal GDP per capita, which has grown by an average of 11% per year in the last five years, has exceeded 80% compared to the EU average.

     

    IMF – Maintaining macroeconomic stability and investments, in addition to continuing reforms are among the priorities of the Romanian government for this year, Prime Minister Marcel Ciolacu said during Friday’s meeting with the IMF delegation in Bucharest. During the talks, the Romanian Prime Minister underlined the government’s commitment to observing the 7% budget deficit target and continuing the trend of reducing the deficit over the coming years, in line with the fiscal plan agreed jointly with representatives of the European Commission. In this context, Marcel Ciolacu highlighted measures designed to cut personnel spending in the public sector, restructure the state budget and operate a territorial-administrative reorganization as the government’s top priorities for the coming period. IMF experts also discussed with officials of the National Bank of Romania, including Governor Mugur Isărescu. The IMF delegation did not call on Romania to take drastic financial measures, introduce tax increases or other austerity measures, Finance Minister Tánczos Barna in turn gave assurances after meeting on Thursday with the new IMF head of mission to Romania, Joong Shik Kang. At present, Romania has no standing agreement with the IMF, although the international lender conducts annual assessments of Romanian economy based on consultations, which is a mandatory oversight requirement applied to all IMF members.

     

    G7 – The Foreign Ministers of Czechia, Denmark, Estonia, Finland, Iceland, Ireland, Latvia, Lithuania, Norway, Poland, Romania and Sweden have submitted a joint letter calling on G7 states to take additional measures to reduce the revenues obtained by Moscow from the sale of its energy carriers. “With these revenues, Russia finances its ongoing aggression in Ukraine, considering a third of Russia’s revenues and two thirds of its exports are linked to energy carriers”, reads a statement of the Romanian Foreign Ministry published on Friday. According to the quoted source, the 12 states “have consistently supported the adoption of the toughest possible restrictive measures against Russia”. G7 states are thus encouraged to use the oil price cap to ensure that it continues to serve as a significant tool in limiting Russia’s revenue flows, to impose additional sanctions on Moscow’s “shadow fleet” and the actors involved, and to consider additional measures targeting the maritime transport of Russian exports, the Romanian MFA also states.

     

    ICC – The International Criminal Court (ICC) on Friday strongly condemned the sanctions imposed on its staff by U.S. President Donald Trump, which have sparked protests in the UN and some European states. Dozens of countries have warned the sanctions could “increase the risk of impunity for the most serious crimes and threaten to undermine the international principles of the rule of law”. “The sanctions will seriously undermine all pending investigations, as the Court may be forced to close its field offices”, representatives of 79 countries, accounting for nearly two-thirds of the ICC’s members, have pointed out in a joint statement. The U.S. president signed an executive order on Thursday banning entry into the USA of IIC staff and freezing all their assets in the United States. According to the White House, the ICC has engaged in “illegitimate and baseless actions targeting America and our close ally Israel”, referring to investigations into alleged war crimes by American soldiers in Afghanistan and Israeli soldiers in the Gaza Strip. According to experts, the U.S. sanctions could have a crippling effect on the ICC’s activity. (VP)

  • June 7, 2019

    June 7, 2019

    IMF -
    The delegation of IMF officials today presented the conclusions of their annual
    assessment of Romania’s economy. IMF experts argue that, while Romania’s
    consumption-based economic growth remains strong, contributing to reducing development
    gaps, macroeconomic imbalances have deepened, while the current account and fiscal
    deficits have gone up, together with inflation pressure. The head of the IMF
    delegation to Romania Jaewoo Lee pointed out that unless policies are changed,
    progress in the field of convergence will be affected, with pensioners and poor
    people feeling the effects. The IMF official said a more balanced mix of
    policies is needed, that should start with fiscal consolidation, strengthening monetary
    policy and greater flexibility for the exchange rate, in addition to increased predictability
    and improved governance. Right now Romania has no ongoing agreement with the
    IMF, although the Fund is every year monitoring the evolution of Romanian
    economy. International financial institutions estimate Romania’s economy will
    report an economic growth below 4% in 2019.

    JHA -
    Romanian Interior Minister Carmen Dan is today chairing the Justice and Home
    Affairs Council meeting in Luxembourg, held on the sidelines of the Romanian
    Presidency of the Council of the European Union. In the home affairs section
    the Council will propose concrete measures to manage migration, including the
    adoption of regulations for the creation of the Migration and Asylum Fund.
    Regarding the Schengen accession of Romania and Bulgaria, Minister Dan said
    there is consensus at the level of the JHA. Also today, Minister Dan is
    attending the signing of the new Europol- FRONTEX joint action plan, in the
    presence of Europol executive director Catherine de Bolle, FRONTEX executive
    director Fabrice Leggeri and EU Commissioners Dimitris Avramopoulos and Julian
    King.

    UN – Foreign
    Minister Teodor Melescanu is today taking part in the round of election on the
    sidelines of the UN Security Council, where Romania is running for a
    non-permanent seat in the 2020-2021 tenure. The UN General Assembly is today
    electing by secret vote the five new non-permanent members of the Security
    Council. The Security Council consists of 15 member countries and is the
    strongest UN body and the only one to sanction warfare actions at global level.
    It comprises five permanent members with veto rights: the United States,
    Russia, China, France and Great Britain, and another 10 members elected for two
    years and who are replaced by countries from the same geographic region upon
    the expiry of their term in office. Next year another 5 members will be
    elected, two from Africa, one from the Asia-Pacific region, one from Latin
    America and the Caribbean and one from Eastern Europe. To earn a seat in the UN
    Security Council, a country must gather the support of two thirds of General
    Assembly members, tantamount to 129 of the total 193 votes in the General
    Assembly.

    BREXIT -
    Theresa May is today expected to officially resign as leader of the
    Conservative Party and as British Prime Minister after her failure to persuade
    the Chamber of Commons to vote the Brexit agreement with the European Union,
    which led to postponing Brexit until October 31. May will continue to serve as
    Prime Minister until her replacement is appointed by the end of July, the
    Conservative Party has announced. The official campaign for appointing a new
    Prime Minister will start on Monday. A total of 11 Conservative candidates are
    vying to become UK’s next Prime Minister.

    FOOTBALL – Romania’s national
    football team is today playing Norway away from home in the 2020 European
    Championship preliminaries. On Monday, Romania will play Malta, also away from
    home. In the first two games in March, Romania lost to Sweden 1-2 away from
    home and won 4-1 against the Faeroe Islands at home. The first two teams in
    each group will advance to the final tournament. The draw for the 2020
    championship will take place in Bucharest on November 30. Romania’s capital
    city will host four matches, three in the group phase and one in the round of
    16. We recall Romania’s under-21 team will this month play in the European
    Under-21 Championship in Italy and San Marino in Group C, alongside England,
    France and Croatia.
    (Translated by V. Palcu)

  • January 21, 2017 UPDATE

    January 21, 2017 UPDATE

    FIRE — Over 40 people were wounded in a fire on Saturday morning that burned down one of the largest clubs in the capital city Bucharest. One person is in critical condition. According to the Health Ministry, no person suffered major burns. The list of wounded includes Israeli and Bulgarian citizens. Over 260 fire-fighters intervened to put out the fire. Prosecutors have started criminal proceedings for aggravated criminal damage. Representatives of the District 2 City Hall say the club did not own a functioning permit, although it had a certified emergency evacuation plan. President Iohannis said that rules and regulations were violated, and society will always be at risk unless everyone observes the law. We recall that in October 2015, some 64 people were killed and over 100 were wounded in the Colectiv nightclub fire in Bucharest, which led to massive anti-government protests.



    AVALANCHE IN ITALY — Four people were rescued on Saturday night from under the snow and rubble covering the remains of the hotel in Pescara province, central Italy, which was hit by an avalanche on Wednesday. Rescuers have discovered the bodies of two women, raising the toll victim to five. Rescue teams say another 15 people, both tourists and hotel employees, are still missing. The Romanian Foreign Ministry reports that the third Romanian citizen, a minor, has also been rescued, and will join her mother and brother, who are also alive and well. The three were in the hotel along with some 27 other people when the avalanche hit.



    IMF — A delegation of the International Monetary Fund, led by mission chief for Romania, Reza Baqir, is on a mission to Bucharest to make contact with the members of the new Government. The delegation has already held talks with Finance Minister Viorel Stefan, concerning the draft budget for this year. The mission will continue to have talks with experts, including from the National Bank. At present Romania has no ongoing agreement with the IMF.



    TURKEY — The Parliament in Ankara has adopted a draft law on constitutional reform aimed at extending the prerogatives of President Recep Tayyip Erdogan, also creating the context of holding a referendum in spring. The reform allows the president to issue decrees, declare state of emergency, appoint ministers and other officials and to dissolve Parliament. Erdogan claims the reform is aimed at ensuring stability in Turkey, at a time of great turmoil. Meanwhile his detractors say the draft law will allow him to stay in power until 2029 and will fuel totalitarianism in Turkey, a NATO Member State and an EU candidate state.



    TENNIS — Romanian tennis player Sorana Cirstea, 78 WTA, will take on Garbine Muguruza Blanco of Spain, 7th WTA, in the round of 16 at the Australian Open, the first grand slam tournament of the year. In the previous round Cirstea knocked out Alison Riske of the United States in two sets. Irina-Camelia Begu and Horia Tecau on Saturday qualified to the second round of the mixed doubles. The two ousted Vania King of the US and Aisam-Ul-Haq Qureshi of Pakistan, 6-3, 6-4. In the next round, the two will go up against Abigail Spears of the US and Juan Sebastian Cabal of Columbia. Also on Saturday, Raluca Olaru of Romania and Olga Savchuk of Ukraine lost to Raquel Atawo of the United States and Yifan Xu of China in three sets, 7-6, 7-6, 6-4. (Translated by V. Palcu)