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IMF mission will visit Romania on July 28 to check up on the midyear progress

The International Monetary Fund (IMF) mission will come to Romania on July 28 to check how the country reached its targets and to set the terms for the delivery of the second installment, informed officials of the Finance Ministry.

Depending on the data gathered during the first half of the year, the IMF will decide whether to unblock the second loan installment, of 1.9 billion euros. If the result is positive, Romania will receive the money around September 15. The IMF could revise the country's economic growth estimate for this year, as the compression registered in the first quarter, of 6.2 percent, went beyond the fund's expectations, according to the fund's official for Romania and Bulgaria, Tonny Lybek.

Romanian authorities agreed to keep the 2009 budget deficit lower than 24.3 billion lei. For the first quarter, the target stands at 8.3 billion lei, for the second at 14.5 billion lei, while after the third quarter the gap should not be wider than 18.6 billion lei. The government also committed to set up a public company monitoring system by the time the IMF mission comes.

As far as the monetary policy is concerned, the agreement stipulates that the financial legislation will be modified by June 30, so that the central lender (BNR) is enforced to ask banks for capital rises and to limit the profit administration. The Cabinet also promised to complete the single salary law by October 30, to pass the revised pension law by December 31 and to finish the fiscal responsibility law and the enforcing plan by November 30.A drop in Romania's international reserves by more than 2 billion euros within 30 days obliges the authorities to contract the fund specialists.

BNR must ask the IMF advice if the inflation overcomes by more than 1 percent a final quarter target. By the end of June the inflation should stand below 6.4 percent. At the end of May, the annual inflation rate cooled to 5.95 percent.The commitments are included in the technical memorandum attached to the cover letter, all documents having been published last week.Romania struck a deal with the IMF for a 12.95 billion euros loan. It also signed the papers to borrow 5 billion euros from the European Commission, 1 billion euros from the World Bank and 1 billion euros from the European Bank for Reconstruction and Development (EBRD), the European Investments Bank (EIB) and the International Finance Corporation (IFC).

 

Sursa: http://www.actmedia.eu

Tags: euros mission billion romania bnr

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