Eugen Radulescu (BNR): A precautionary stand-by agreement with IMF to help maintain country's credibility

He added that such an accord contains all the usual conditions, the only difference being that the payments are made if and when needed, but the country must fulfill the performance and structural criteria as established through the respective agreement.

President Traian Basescu stated on Tuesday, at the start of his meeting with the IMF Director general, Dominique Strauss-Kahn, that Romania wants a long-term collaboration with the IMF.

'When we conclude this agreement, we will probably request an assistance stand-by agreement or a flexible credit line. We will see together what solution should be adopted in Romania's case because it is clear that, over the period covered by an accord with you, the country will enjoy more credibility. And until we finalize the structural reforms, either in public administration, education, health care system, or the social assistance system, we firmly believe that we need a partnership with the IMF and with the World Bank', said the President.

The head of state also said that, based on this reason, Romania's proposition will aim at a long-term cooperation with the IMF. In his turn, the Fund's Director general appreciated that this standpoint is a wise one and added that IMF is ready for such an option.