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Romania: The Ruling of the Constitutional Court

28/06/2010 - Following the rulling of the Romanian Constitutional Court, the European Commission is confident that a rapid adoption of compensatory measures will allow to proceed disbursement without delay.

The European Commission takes note of the Romanian Constitutional Court's ruling of 25 June on the unconstitutionality of some fiscal consolidation measures announced by the Romanian authorities in May. The Commission is in close contact with the government, the IMF and the World Bank regarding compensatory measures to reach the agreed 2010 government deficit target of 7.3% of GDP.

Up until now the Romanian government has shown a strong commitment to implement measures necessary to reach the programme targets and to put Romanian public finances back on a sustainable path. The Commission continues to fully support the Romanian government in these endeavours.

Discussions with the authorities are prorgessing well, and the Commission is confident that compensatory measures will be adopted in the coming days.

If such measures are adopted rapidly, there does not need to be a delay in the disbursement of the third instalment of the EU loan to Romania (EUR 1.15 bn). The Commission will evaluate implementation of the fiscal consolidation measures during the programme review mission scheduled end-July and make a decision on the disbursement at that point.

 Statement by IMF Mission Chief for Romania on the Ruling of the Constitutional Court

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