Loading page...

Romanian Business News - ACTMedia :: Services|About us|Contact|RSS RSS


IMF Christine Lagarde comes to Bucharest, visit already prepared for the closure of the agreement


The general manager of IMF Christine Lagarde will come to Bucharest, premier Victor Ponta announces, official sources showing that the visit has as purpose to focus on the successful closure of the agreement with Romania and as it is already prepared, before the board where the level of meeting the criteria will be analysed.


On the occasion of this visit will be mentioned the problem of signing another agreement, the quoted sources add.In the letter sent to the IMF it is shown that the government did not meet several performance criteria, that they requested an extension of the programme with three months, until the end of June and that they “ requested waivers” for the performance criteria they did not meet, so that the agreement can be closed successfully.

“To have the necessary time for the implementation of corrective measures, we requested an extension of the programme by three months until the end of June 2013. Taking into consideration the performance made in the programme supported by IMF, EU and the World Bank as well as the corrective measures adopted, the government of Romania and the National Bank of Romania (BNR) request waivers for the criteria which were not met and the finalisation of the evaluations seven and eight”, the document dated on 10 June and posted on the site of Mediafax. The agreement with IMF is closed under any conditions, the Board of the IMF will analyse on 26 June if Romania covered the preconditions for the finalisation of the agreement with the financial institution, and in the case of a negative evaluation the agreement will expire de facto, governmental sources stated at the end of May for Mediafax.


Romania has underway a stand-by agreement with IMF and the EU for 5 billion euro, funds which are accessed only in case of necessity. In January a joint mission of the international experts negotiated with the government several measures for structural reforms and privatisations which could be implemented so that the agreement be signed, with a delay of three months to the initial programme.


The present agreement was sealed in the springof 2011, together with the closure of the agreement signed in 2009. The government announced that they intended to sign a new agreement with IMF in the summer of this year.