A joint technical team of European Commission (EC) and International Monetary Fund (IMF) staff visited Bucharest to continue discussions under the multilateral assistance programme. Discussions focused on fiscal policy issues.
The mission found that good progress had been made to reach the 2009 budgetary target of a cash deficit of 7.3% of gross domestic product (GDP). Yet, tight expenditure control remains essential.
Regarding 2010, the mission and the authorities agreed a set of fiscal consolidation measures amounting to about 2.5% of GDP, mostly on the expenditure side of the budget. Taking into account the better-than-expected macroeconomic outlook for 2010, these measures seem sufficient to achieve the government cash deficit target of 5.9% of GDP set in the programme. The new government is encouraged, when it is in place, to rapidly endorse the draft budget and to submit it to Parliament for adoption. To achieve a sustainable economic adjustment, it is also important to continue progress with important structural reforms, such as the Fiscal Responsibility Law and the Pension Reform.
Provided these developments are confirmed, the EC hopes to successfully conclude the review by end January 2010. This would release a tranche of €1bn under the EU balance of payments assistance programme.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more