IMF mission comes to Bucharest to review stand-by agreement

A new International Monetary Fund (IMF) mission will come to Romania on January 20 for a week in order to review the stand-by agreement so Romania receives two more loan installments, worth some EUR 2.3 billion in total.

The new mission comes soon after the Romanian parliament managed to approve the 2010 budget last week, which was one of the main conditions for receiving the next installments of the EUR 13 billion bailout.

The expanded loan agreement, some EUR 20 billion in total, include funds from the European Commission, the World Bank and the European Bank for Reconstruction and Development (EBRD).

IMF representatives, led by Jeffrey Franks, will meet representatives of the Finance Ministry and of the Romanian Central Bank (BNR). The IMF mission was supposed to come to Romania for a second review of the stand-by agreement even late last year, but delayed the visit due to the political instability and decided to make the second and third reviews after the budget approval at the beginning of this year.

Corina Saceanu

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