The Romanian Government has not done much in the way of reforms in the first quarter of the year, so the IMF mission this time comes to Bucharest proposing "very concrete measures" aimed at cutting the budget deficit, says Mihai Tanasescu, Romania's representative to the IMF.

"Not much has been done in the first quarter. The law on fiscal responsibility has been approved, but its effects will not be seen in the immediate future. Concrete measures for cutting public spending are expected in the third and fourth quarter of the year. I am sure this time clear measures will be identified together with the Government in order to finally get the desired results. Of course, implementation will continue to be the problem, because there is already a big gap between commitments and achievements," Tanasescu told ZF in an interview given before the start of a new round of talks between the IMF and the Government as part of the stand-by arrangement signed a year ago. He did not wish to provide details on the measures the Fund had in mind, considering that negotiations will follow. What is certain is that this is expected to be the most complex series of talks since the signing of the arrangement, after the IMF proved to be extremely tolerant and continued to release tranches despite constant delays in reforms engaged by the Government.

The Romanian Government has not done much in the way of reforms in the first quarter of the year, so the IMF mission this time comes to Bucharest proposing "very concrete measures" aimed at cutting the budget deficit, says Mihai Tanasescu, Romania's representative to the IMF.

"Not much has been done in the first quarter. The law on fiscal responsibility has been approved, but its effects will not be seen in the immediate future. Concrete measures for cutting public spending are expected in the third and fourth quarter of the yea