We downgraded the economic growth estimate for this year to -1.9%, IMF chief of mission in Bucharest Jeffrey Banks declared on Wednesday at the press conference presenting the conclusions of the IMF mission in Bucharest.

Here are Jeffrey Franks's most important declarations:

at the leve lof experts, we concluded that the performances for the end of June are good and policies are adequate to reach the targets set in the agreement

the fiscal program remains the same for 2010 and 2011 due to the extraordinary effort of Romanian authorities to adjust it

We were impressed by the determination of local authorities to resolve fiscal difficulties

The industry grows, exports increase and internal consumption is bad

There are clues that we will witness a positive economic increase in the second quarter but it will be negative in the third quarter

There are persistent weaknesses at the level of internal demand, regional uncertainties and floods can have negative influences

we downgraded the growth for this year to -1.9%

the government registers progress in personnel cuts procedures which will alloc public servants to be paid better

reviews reveal that if there are no important secondary effects, the inflation will maintain in line

if such secondary effects are manifested, the Central Bank will have to take measures

there were no necessary policy changes during this mission

there were some initiative and progress to cut the state's debts to private companies but the overall stock did not decrease

we agreed to offer a new delay if the government will allocate 2 billion RON to cover debts in the health system

The most important declarations made by EC chief of delegation Laurent Moulin Romania fulfilled all co