No TVA reduction, no pensions raises!

The International Money Fund (IMF) recommends the Romanian government to "strongly" oppose the TVA reduction for alimentary products, the pensions raises before the initially established deadline - January 2009 - and to be cautious with wage increases.

IMF experts consider that the TVA reduction for alimentary products, from 19% to 5%, could induce a yearly fiscal cost of 0.5% from PIB. At the same time, the pensions raises programed for this November, like it was announced recently by government representatives, could generate fiscal costs of 1.5% of PIB.

The three risks appear in the background of a fragmented political environment and in the conditions of the coming elections, these factors determined the authorities interest for a short term fiscal policy, said the Fund's expertes. FMI considers that the Bucharest authorities should apply a series of measures in order to assure stability on the fiscal market .

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