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IMF delegation to visit Bucharest

An International Monetary Fund (IMF) mission led by Jeffrey Franks will visit Bucharest, March 11-25, following up on the ongoing economic dialogue with the Romanian authorities, the IMF Regional Office for Bulgaria and Romania reports in a press release.

Preliminary discussions in Washington last week were fruitful, and we remain in close dialogue with the Romanian authorities and the European Union to evaluate appropriate responses, including possible technical and financial support, the IMF says.

The mission that starts work next Wednesday, March 11 will continue assessing the macroeconomic situation, and hold discussions on a potential International Monetary Fund programme for Romania. The programme would be part of a pro-active, insurance-based multilateral financing package, to be supported by the European Union and the World Bank, among other international financial institutions.

Romania needs an external loan that will be a safety belt to weather the economic crisis, Romanian President Traian Basescu told a joint meeting on Monday of the Romanian Parliament, explaining that the country may access funds made available by the European Union to the new member states only by concluding a partnership with the IMF. The President also said that Romania does not need support for its Budget of other Government payments, mentioning that a loan is necessary because of the current-account deficit and the debt of the private sector, which this year has to pay out 24 billion euros. 'Such a loan will make Romania more resistant to any deterioration of the global economic situation,' said Basescu.

Romania is currently undergoing tests for taking out a package of external financing to see the structure, volume and conditions for a loan, Romanian Finance Minister Gheorghe Pogea told a recent financial seminar. He mentioned that Romania was conducting discussions with the European Commission and the IMF to see what the best financing package will be. Pogea insisted that the Romanian economy needs external financing that should come in the form of a round package.

 

Sursa: http://www.rompress.ro

Tags: romania romanian

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