RSS
Isarescu: Negotiations between Romania and IMF on the current agreement are going well
Negotiations between Romania and the International Monetary Fund (IMF) on the current agreement are going well, governor of Romania's National Bank (BNR) Mugur Isarescu stated on Wednesday, adding though that BNR is still prepared including for such situation when negotiations could end without any clear conclusion.
'We are prepared for any scenario, but I know that negotiations are going well, we just don't want to jump into conclusions. The IMF representatives will hold a press conference on Monday. Let's discuss everything after that,' said Isarescu, when he was asked whether there were any risks for Romania in case the IMF agreement is terminated before the actual expiration date.
A mission of the International Monetary Fund led by Andrea Schaechter arrived in Romania for the third assessment under the preventive agreement still underway. The first two assessments of the current agreement were conducted last year.
'Consultations will be held over Article IV and the third assessment of the preventive Stand-By agreement concluded with Romania, as approved on September 27th, 2013. The representatives of the IMF will discuss with the Romanian authorities about the recent evolutions of the Romanian economy and priorities in economic reforms,' the IMF resident representative in Romania and Bulgaria, Guillermo Tolosa, said in the beginning of the mission.
According to a release of the IMF, talks on the agreement will also involve the teams of the European Commission and World Bank.
'The members of the mission will also meet the representatives of the private sector, political parties, professional and non-governmental organisations. At the end of the mission, we are going to deliver a press conference to present the conclusions,' the IMF representative said.
The current stand-by agreement is the 10th concluded by Romania with the International Monetary Fund over the past 23 years and the 3rd requested to the IMF since the outbreak of the economic crisis in 2009.
The arrangement was concluded in September 2013 for the following 24 months being worth approx. 1.98 billion euros [1.75 billion SDR - Special Drawing Rights, editor's note] for Romania.
The first agreement after December 1989 was concluded on April 11, 1991, according to the webpage of the international financial institution.