If it had not obtained this approval from the IMF, the state would have had to pay RON 1 bln. According to the first letter of intent of the IMF stand-by agreement, the target for the end of this year was RON 500 mln, half of the RON 1 bln level at the end of 2008. But, even though the government was not allowed to exceed this level, it missed the target by 50 percent as early as June. We are talking about debts in excess of 90 days, and the amount does not include value-added tax reimbursements, for which the deadline is 45 days from the time the application is approved.
“Ninety percent of debts are to construction companies and medication suppliers. This shows us that the government’s investments are useless. Regarding the medication market, delays can even exceed six months,” said Cristian Parvan, General Manager of the National Confederation of Romanian Employers.
