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IMF begins talks with Central Bank officials in Bucharest

The mission of the International Monetary Fund (IMF), headed by Jeffrey Franks, has arrived at the National Bank of Romania (BNR) for talks within the seventh review conducted under the Stand-By Agreement.

Jeffrey Franks will discuss with BNR officials aspects related to fulfillment by Romania of the conditions set forth in the Stand-By Agreement, and aspects pertaining to a new agreement between the Fund and Romania.

The new agreement will cover, according to sources close to the negotiations, the situation of loss-making state enterprises, the arrears situation and, in particular those in the health field.

At the same time, the IMF mission will discuss with the Romanian partners, in the aim to conclude a new agreement, issues related to tax administration reform, reduction of bureaucracy and continuation of reforms in the pensions and wages fields.

As concerns the banking system, according to the information in the report forwarded to the IMF Board, on January 7, 2011, this is considered by the IMF mission as being stable and having a sufficient level of liquidity.

The quoted sources believe that the new agreement will be a precautionary, two-year, stand-by one, and that the amount to be covered will be about 3.7 billion euros.

'In the opinion of international financial institutions and the European Commission, it would be useful for the future agreement to be signed for a period of two years, because by going beyond the election year 2012 the international financial markets will be assured that reforms implementation is continued in Romania', stated last week the WB country director for Romania, Bulgaria, Poland and Baltic countries, Peter Harrold. His opinion is consistent with the one expressed by Jeffrey Franks, when present in the Euromoney Forum, in Vienna.

WB and IMF have estimated that, in 2011, Romania is to have an economic growth of 1.5 percent, the budget deficit set in the program ending in May being minus 4.4 percent for the current year.

Romania has received from the IMF the amount of 12.44 billion euros of the total loan of 13.15 billion euros, plus the 3.5 billion euros from the EC, from a loan of 5 billion euros, as well as 300 million euros from a total loan of one billion euros from the World Bank, with another 300 million euros to be freed shortly following the WB Board approval of January 20, 2011.

The latest loan tranche from the IMF, amounting to 904.8 million euros, was transferred to Romania on January 7, 2011.

The total rescue package for Romania, agreed on May 4, 2009 with the major world financiers, amounts to 20 billion euros.

Sursa: http://www.agerpres.ro

Tags: euros billion agreement romania bnr

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