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Antonescu signs decree for Parliament to ratify letter of intent to IMF
Interim President Crin Antonescu signed the decree on Thursday to send the letter of intent to the IMF to the Parliament for ratification.
According to a release from the Presidential Administration, Antonescu signed 'the decree to send to the Parliament the letter of intent signed by the Romanian authorities in Bucharest on June 9, 2012 approved by the Decision of the Executive Board of the International Monetary Fund on June 27, 2011, and the letter of intent signed by the Romanian authorities in Bucharest on September 14, 2011 approved by the Decision of the Executive Board of the IMF on September 29, 2011 of the letter of intent signed by the Romanian authorities in Bucharest on December 2, 2011 approved by the Decision of the Executive Board of the IMF on December 19, 2011, of the letter of intent signed by the Romanian authorities in Bucharest on February 28, 2012 approved by the Decision of the Executive Board of the IMF on March 21, 2012 and of the letter of intent signed by the Romanian authorities in Bucharest on June 8, 2012 approved by the Decision of the Executive Board of the IMF on June 22, 2012.'
The IMF Board voted on June 22 unanimously the letter of intent from the Romanian Government.
'This letter represents the fifth evaluation of the precautionary agreement with Romania. This vote represents a solid validation from the IMF for the governmental policy and sends a strong signal abroad. The letter of intent was unanimously appreciated which is more significant from Romania's point of view,' the Government announced at that date.
An IMF delegation led by Erik de Vrijer will be in an official visit to Bucharest starting on July 31, for a couple of weeks.
According to the resident IMF representative for Bulgaria and Romania Tonny Lybek, the negotiations with the authorities in Bucharest are scheduled between July 31 and August 13, as the chief of the IMF delegation will come to Romania on August 1 and will leave the country on August 14.
The agreement between Romania and the IMF started on March 31, 2011 and is a precautionary agreement, amounting to 3.1 billion Special Drawing Rights, namely 3.6 billion euros, representing about 300 percent of the share Romania has at the IMF.