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IMF Mission will come to Bucharest on June 2 for third evaluation

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An IMF mission will come next week to Bucharest to evaluate the stand-by accord for the third time. The most important topic on the agenda is the possibility to reduce CAS by 5% in the second half of the year.The mission will analyse mainly the budget execution in the first 5 months as well as prospects of economic growth and incomes to the state budget.

 

At the end of March, the IMF Managerial Council approved the first and second evaluation of the preventive accord concluded with Romania last year to lay at the disposal of the state two installments of 654.4 million euro (584.1 SDR), IMF announced in a press release.

 

Romania has an ongoing accord of 4 billion euro with IMF and EU, from which it does not intend to access funds. The purpose of the accord is to protect Romania from possible shocks in financial markets and to help reduce financing costs.

 

Romania has successfully concluded in the last 4 years two accords with IMF, EU and the World Bank for 20 billion euro and 5 billion euro. The second accord signed in 2011 and completed last year also had a preventive character, the authorities choosing not to access funds offered by foreign creditors.

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