Basescu signed memorandum for IMF deal

Romanian President Traian Basescu said on Wednesday that he approved the memorandum concerning a EUR 4 billion loan program with the International Monetary Fund (IMF) and the European Union (EU). Basescu made the announcement at the investment ceremony for the the new ministers.

“If you read the program carefully, you will see that each one of you has a lot to do”, the president said to the new ministers.

He added that most of the preconditions have been met.

“I hope that this IMF agreement, which is basically a governing program, will be fulfilled to Romania’s advantage. Even if some measures aren’t the most pleasant, I am convinced they will lead to an increase in competitiveness for Romania”, Basescu added.

Romanian President Traian Basescu previously said he will sign the country’s latest letter of intent to a EUR4 billion loan program with the International Monetary Fund and the European Union, provided the document leaves out two controversial fiscal measures. The president did not want the letter to include the Fuel Tax or the debt aid scheme.

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