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FinMin Vladescu: Hope we switch to different type of IMF agreement early next year

Giving up Romania's ongoing agreement with the International Monetary Fund (IMF) is out of question for the time being, Minister of Finance Sebastian Vladescu declared on Tuesday at the Bucharest Stock Exchange.

Yet the FinMin expressed hope that, depending on economic developments, Romania will be able to move to a different type of agreement with the IMF in early 2011. 'The plan so far is to carry through the agreement with the IMF,' Vladescu underscored. He also specified that Romania further needs to implement a lot of structural reforms and that it is possible for the country to receive IMF and World Bank support for the modernization of particular sectors.

The head of the IMF Office for Romania and Bulgaria, Tonny Lybek, on Monday said that the decision to seek a Stand-by Agreement or a Precautionary Stand-By Agreement lies with the Romanian authorities. ''It is definitely possible for Romania to opt for a precautionary agreement type and it is for the Romanian authorities to decide whether they want or not to spend the tranches that will be approved by the IMF Board,' Tonny Lybek told Agerpres.

His comment follows the statements made by Finance Minister Sebastian Vladescu, according to whom Romania might consider switching to a precautionary type Stand-by Agreement, which would signal the fact that the Romanian economy follows the global process of economic rebound.

In his turn, Mihai Tanasescu, senior advisor with the International Monetary Fund, stated for Agerpres that switching to a Precautionary Stand-By agreement would convey a highly positive message on both external and domestic level.

''Talks about the transition to a precautionary-type agreement is a little premature and we might assess this decision in April or May 2010, when the next IMF mission is due in Bucharest. This goal requires to be carefully examined in the general context,' said Tanasescu.

Romania's representative to the IMF believes that, if a decision is made to replace the Stand-by with the Precautionary Stand-by Agreement, this will send a highly positive signal, given that Romania will continue reforms under an IMF program and will prove that it has overcome a difficult moment and can secure financing on its own from the domestic and foreign market.

'At the same time, such a decision would show that Romania has a very firm commitment towards continuing reforms,'' said Tanasescu.

The IMF official stressed, however, that this is a complex decision that needs to take into account to-date economic developments and, not in the last place, the way reforms are implemented these months, both monetary and fiscal applicable policies and the markets' evolution in the next period.

''I repeat, should such a decision be reached, it will send a highly positive signal,' said Mihai Tanasescu. Under the Stand-by agreement with the IMF signed on May 4, 2009 Romania can receive 12.95 billion euros in eight tranches spanning 24 months. Romania received so far the first two tranches worth a total of 6.9 billion euros.

Apart from the Agreement with the IMF, Romania also secured a EUR 5 bln agreement with the European Commission, of which it drew 1.5 billion euros and is to receive, following the assessment by a joint lenders' mission over January 20 - 27, yet another tranche of one billion euros. Of the three WB loan agreements worth an aggregate 1 billion euros, Romania received 330 million euros in September 2009.

Sursa: http://www.actmedia.eu

Tags: agreement romania billion euros precautionary decision vladescu stand

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