IMF: Risks rise in Romania. Structural measures may not be implemented
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The Romanian authorities have been unable to rein in personnel spending with local authorities and self-financed institutions, which grew by up to 20% in the first half compared to the 6% rise in the central government, according to IMF.
IMF report shows political risks are growing in the state of Romania, which can make the implementation of short term structural reforms fail.
Current spending outside the central government was not reined in by measures to reduce bonuses and staffing and the impact of the large increases in wages and pensions in the last months of 2008 was higher than anticipated, said IMF, after the first review on Romania's progress.
Romania has met most of the targets for the first half year included in the initial program, but fiscal pressures call for "vigilance" in tackling challenges, according to the resport released by the international agency.
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