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Radu Craciun (BCR): Romania’s image can be good even without IMF
Romania’s image could be good even without an accord with IMF, an a 2.5% deficit of GDP is not bad. The borrowed money should be used for investments, said the chief economist of banca Comerciala Romana - BCR, Radu Craciun at a press conference on Thursday.
“Even without IMF Romania’s image will be good, but we must not overdo applying for loans. A 2.5% deficit could be OK, on condition it were used to finance development. A country in Romania’s situation would not need an accord with the Fund. We signed an accord to have credibility. When IMF leaves Romania will have to make rational, good decisions which should not bring it back to an accord with IMF. We must become one of the normal countries which should not be controlled by IMF,” Craciun explained.
He added that Romania’s present situation does not allow it to join the euro zone earlier before 6-7 years.“We have no chance to enter the euro zone before 2020-2021. Entering the zone should be beneficial for Romania,” Craciun pointed out.