The 3 percent GDP decrease forecast by EBRD is pessimistic, says Jeffrey Franks

“I’d say that EBRD’s forecast is pessimistic,” said Jeffrey Franks, head of the IMF mission to Bucharest, according to Mediafax newswire. This comes after the European Bank for Reconstruction and Development (EBRD) announced last week that it has revised its forecast for the Romanian economy to – 3 percent in 2010 after having previously estimated a zero growth.

A joint team from the International Monetary Fund (IMF) and the European Union arrived in Bucharest earlier Monday for the fifth review of Romania’s EUR20 billion bailout loan signed in 2009. Following this visit (July 26 – August 6), Romania should receive the sixth installment of the loan, worth more than EUR 900 million.

Simona Bazavan

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