AGL 40.74 Increased By ▲ 0.54 (1.34%)
AIRLINK 129.70 Increased By ▲ 0.59 (0.46%)
BOP 6.35 Decreased By ▼ -0.25 (-3.79%)
CNERGY 4.15 Increased By ▲ 0.12 (2.98%)
DCL 8.75 Increased By ▲ 0.30 (3.55%)
DFML 42.21 Increased By ▲ 0.96 (2.33%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.64 Increased By ▲ 0.29 (0.87%)
FFBL 66.21 Increased By ▲ 0.31 (0.47%)
FFL 10.67 Increased By ▲ 0.13 (1.23%)
HUBC 112.79 Increased By ▲ 2.09 (1.89%)
HUMNL 15.75 Increased By ▲ 0.52 (3.41%)
KEL 4.79 Increased By ▲ 0.01 (0.21%)
KOSM 8.04 Increased By ▲ 0.21 (2.68%)
MLCF 42.15 Increased By ▲ 0.25 (0.6%)
NBP 61.00 Increased By ▲ 0.50 (0.83%)
OGDC 190.45 Increased By ▲ 7.65 (4.18%)
PAEL 25.65 Increased By ▲ 0.29 (1.14%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 148.50 Increased By ▲ 0.69 (0.47%)
PRL 25.17 Increased By ▲ 0.61 (2.48%)
PTC 16.55 Increased By ▲ 0.31 (1.91%)
SEARL 70.55 Increased By ▲ 0.05 (0.07%)
TELE 7.37 Increased By ▲ 0.07 (0.96%)
TOMCL 36.00 Decreased By ▼ -0.30 (-0.83%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.52 Increased By ▲ 1.22 (7.97%)
TRG 51.51 Decreased By ▼ -0.19 (-0.37%)
UNITY 27.27 Decreased By ▼ -0.08 (-0.29%)
WTL 1.28 Increased By ▲ 0.05 (4.07%)
BR100 9,929 Increased By 87.2 (0.89%)
BR30 30,498 Increased By 461.5 (1.54%)
KSE100 93,255 Increased By 734.3 (0.79%)
KSE30 28,972 Increased By 185.7 (0.64%)

Romania's finance minister said Thursday that 100,000 jobs in the public sector will be cut as recession-mired Romania makes budget cuts to meet the requirements of its bailout loan from the International Monetary Fund. Sebastian Vladescu made the announcement as Parliament debates for a fourth day this year's budget, which is crucial for unlocking a ¤1.5 billion (US $2.18 billion) instalment of an IMF loan.
He declined to say where the cuts would be made. After years of growth, Romania's economy went into a decline last year, shrinking eight percent. The country ran into financial trouble and was forced to seek outside help, and the IMF, the EU and World Bank put together a ¤20 billion package.
But the loan was frozen in October after the government was dismissed by Parliament in a no-confidence vote, leading to a period of instability which was resolved after President Traian Basescu was re-elected in December. Analysts say that the figure does not mean 100,000 people will lose their jobs. Vacant jobs will not be filled and people near retirement age will not be replaced.

Copyright Associated Press, 2010

Comments

Comments are closed.