Romania needs a new agreement with the International Monetary Fund (IMF) to be able to borrow money from the markets at low costs next year, said Agriculture Minister Daniel Constantin.

The country will experience significant budget pressures in 2016, also due to the parliamentary elections, he added.

“Romania prepares, besides the election year, for a year when the budget will be under tremendous pressure,” said Constantin in a business conference, reports local Agerpres.

The Government coalition has discussed about a new agreement with the IMF, according to the Agriculture Minister. The current agreement with the IMF expires on September 22 this year.

Daniel Constantin also said that the Government considered cutting the tax rate on dividends from 16% to 5% starting January 1, 2016, although the measure has been postponed for January 2017 according to the new Fiscal Code.

editor@romania-insider.com