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IMF mission starts technical talks with Romanian Finance Ministry, central bank experts

An International Monetary Fund mission led by new chief negotiator for Romania Andrea Schaechter this Wednesday began talks with the authorities in Bucharest, with economic developments and macroeconomic reform priorities written high on the agenda of the meetings.

'According to negotiation standard procedures, the mission began with meetings at the headquarters of the Ministry of Public Finance and the National Bank of Romania, for talks with a technical character,' sources close to the negotiations told Agerpres.

'The IMF officials will discuss with the Romanian authorities recent economic developments and the economic reform priorities. This will be a joint IMF, EC and WB mission which, apart from meeting with authorities, will also discuss with representatives of political parties, trade unions, business associations, banks and civil society organizations,' the new International Monetary Fund Resident Representative in Romania and Bulgaria Guillermo Tolosa said last week.

The Board of the International Monetary Fund (IMF) announced at the end of June 2013 the successful conclusion of Romania's agreement with the IMF, the country's second stand-by arrangement, noting that all the major targets had been accomplished and pointing to the progress made towards macroeconomic stability and structural reforms.

The EUR 3.5 bln worth of stand-by arrangement (representing approximately 300 percent of Romania's IMF quota) was originally approved on March 25, 2011 and is of a precautionary type, with drawings performed only in case of necessity.

In 2009, Romania secured a 24-month stand-by arrangement amounting to EUR 12.95 billion from the International Monetary Fund as part of a support package worth EUR 19.95 billion extended jointly by the IMF, the EU and the World Bank.