Alexa

Romania's PM-designate names Cabinet

Romania's PM-designate names Cabinet

Romania's prime minister-designate has named his Cabinet, a day after he met the International Monetary Fund to pledge stability.
Victor Ponta, who leads the Social Democratic Party, said late Tuesday that his Cabinet is mostly a mixture of Social-Democrats and Liberals. Ponta retained the European affairs minister from the previous government and named a senior official at the central bank as finance minister. The Cabinet needs the approval of Parliament.
The previous center-right government of Mihai Razvan Ungureanu lost a parliamentary no confidence vote last week that reflected the unpopularity of austerity measures.
Romania took a euro20 billion ($26 billion) bailout loan from the IMF, the European Union and the World Bank in 2009 when its economy shrank 7 percent. To keep to the bailout agreement, it cut public wages by one-fourth and increased the sales tax.