New IMF mission to visit Romania in two weeks

Newsroom 08/10/2010 | 14:28

The sixth International Monetary Fund (IMF) mission tasked with reviewing Romania’s economic performance against the provisions of the agreement will arrive in Bucharest on October 20, and will stay in Romania until November 1 or 2, said Mihai Tanasescu, Romania’s representative to the IMF.

According to Tanasescu, the discussins will focus on how Romania has fulfilled the conditionalities of the current agreement with the European Commission (EC), the IMF and the World Bank (WB).

Tanasescu also stressed that the country no longer needs another loan from the fund. Romania’s fresh agreement with the IMF, which might be signed in the coming months, will take into account the enforcement of structural reforms, the need to strengthen the institutions’ capacity to attract European funding and succeed in correctly building fiscal consolidation.

Romania has so far received EUR 11.27 billion of the total IMF loan of EUR 13.15 billion; to these add EUR 3.5 billion from the EC out of a EUR 5 billion loan and EUR 300 million from the WB. The total support package for Romania, agreed upon on May 4, 2009 with the major world lenders, amounts to EUR 20 billion.