About us  Contact  Site Map   Login   

HomeInsurance marketEventsPublicationsXPRIMM TV  
 Insurance Brokers 
 Interview of the week 

Financial News


Key to economic recovery lies in higher efficiency, IMF's FRANKS says

Romanian economy can start to grow particularly by increasing capital value, as well as by boosting work productivity and an effective use of workforce and investments, the head of the IMF mission to Romania, Jeffrey FRANKS, said on January the 26th, according to sources who attended the meeting between the IMF mission and the members of the Social and Economic Council (CES), "Romania Libera" reports.

FRANKS argued, during the seminar, that productivity could be boosted by more effective organization, by a better training of the workforce and by modernizing equipment.
According to the same sources, the IMF official underlined investments should not be spread too thin and argued that developing road, as well as IT & communications, infrastructure would play an important part in boosting productivity.

At the same time, FRANKS pointed out, higher productivity levels could be obtained by reducing bureaucracy and by helping companies abide labour legislation and, as long as the public sector is running well, things are bound to get better in the private sector.

Furthermore, according to the head of the IMF mission, Romania's workforce participation rate is one of the lowest in the EU-27. Efforts should be made to reintegrate in the workforce the unemployed, people who have stopped looking for a job and young people.

Moving on to another topic, representatives of the five trade union confederations will meet the IMF officials, on January the 28th, and will call, among other things, for the inclusion in the new agreement with the Fund of targets regarding the fight against corruption and tax evasion, the Deputy President of Cartel ALFA, Petru DANDEA, stated, quoted by Realitatea.net.

The five major trade union confederations in Romania are the National Trade Union Confederation "Cartel ALFA", the National Free Trade Unions' Confederation "FRATIA", the Romanian Democratic Trade Unions' Confederation, the National Trade Union Block and the National Trade Union Confederation "MERIDIAN".

During the IMF meeting with the employers and trade unions, Jeffrey FRANKS joked, comparing Romania with an ore carrier which, two years ago, was lying on its side, and at present is rusty, but may become, in the future, a very small, but high-speed, motor boat, the head of UGIR-1903, Cezar CORACI, stated, quoted by Mediafax. CORACI said Jeffrey FRANKS had showed, as a joke, pictures supposed to suggest Romania's past, present and future, and added he had tasted the joke, but the trade unions had not. Jeffrey FRANKS made another joke about Romania, comparing it to patient who was stabilised, but does not show any vital signs, which is to say there is no growth.


Published on 27.01.2011

Comment this article

Atention! "Comment" and "E-mail" are mandatory
If you are not logged on, your name will appear preceded by '(Anonymous)'. For authentication, click here
If you are logged on and you do not fill in your name, will be used the name that you used when you registered

< 10.000 car.

  Security code
Fill in the code from the image:

Copyright 2023 (c) 1asig.ro
powered by Media XPRIMM