A mission of the International Monetary Fund (IMF) will visit Bucharest February 3-7, 2025, Geoff Gottlieb, IMF Senior Regional Representative for Central, Eastern and Southeastern Europe, announced in a press release sent on Thursday."The Fund's team will meet with the representatives of the new Romanian Government and the National Bank of Romania to review recent economic and financial developments and update the macroeconomic outlook. The mission will be headed by Mr. Joong Shik Kang, who has replaced Mr. Jan Kees Martijn as Romania mission chief. Mr. Martijn has been assigned to a new post in line with the IMF's internal policies.'Joong Shik Kang, a South Korean national, is currently the head of the IMF mission in Romania and Greece. Previously, he was Head of the IMF Mission in Hong Kong and Deputy Head of the IMF Mission in China. Previously, he was Assistant Director of the Asia and Pacific Department and Head of the IMF Mission to the Marshall Islands. He studied economics at the University of Seoul and holds a Ph.D. in economics from the University of Wisconsin-Madison.Currently, Romania does not have an ongoing financing agreement with the International Monetary Fund, but the financial institution annually assesses the evolution of the Romanian economy based on Article IV consultations.The consultations are a supervisory exercise that is mandatory for all member states. The purpose of Article IV consultations is to examine the financial and economic situation at national level and to make general recommendations on monetary, financial and economic policies to be pursued in order to ensure stability and positive developments in the economy.
In a global landscape where businesses are expected to deliver more than profits, STIRIXIS Group has positioned itself as a transformative force, melding business strategy, human experience, and built environments into a single, powerful vision. Elena Kyrnassiou-Athanassoula, Vice-President and Group Executive Director, shares the philosophy that has backed the international expansion of the Athens-based firm. […]
The four parties seeking a new ruling coalition in Romania have nominated candidates over the weekend for the ministries they are supposed to oversee, while a final agreement on the coalition's protocol is expected to be sealed on June 23. Some of the candidates proposed by parties have already prompted criticism, while prime minister-designate Ilie […]
The Romanian government has published a draft decision approving a strategic programme for the development and modernisation of Bucharest Băneasa – Aurel Vlaicu International Airport (AIBB-AV) covering the 2025–2035 period, Agerpres reported on June 20. The...
Romanian furniture manufacturer Taparo, a key supplier to IKEA and major European retailers, is nearing bankruptcy after its judicial administrator formally requested the Maramureş Court to initiate bankruptcy proceedings, citing the full cessation of the company’s operations. The request, filed on May 29, was recorded in the Insolvency Proceedings Bulletin,
Romania will maintain its standard VAT rate at 19% but will eliminate most preferential VAT rates beginning in August, retaining reduced rates only for food and medicines, Digi24 reported on June 20, citing sources close to the negotiations between president...
In a recommendation to be published on June 23 and proposed for endorsement in the July 8 meeting of the Economic and Financial Affairs Council (ECOFIN), the European Commission sets an updated fiscal consolidation trajectory for Romania, sets October 15 as a deadline for the annual update under the Excessive Deficit Procedure (EDP), and requires […]
