The Romanian Government has recently approved a legislative proposal on personal insolvency, after having constantly committed in the past two years to the International Monetary Fund IMF to avoid such an initiative, reports local Mediafax.

The approval comes after Prime Minister Victor Ponta said earlier this summer that Romania will not need to renew the agreement with the IMF, which will come to an end next year. In the past two years, the government has rejected several legislative proposals on personal insolvency. The Parliament has the final say in this.

Irina Popescu, irina.popescu@romania-insider.com