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IMF new loan fully designated for BNR

The total amount the International Monetary Fund (IMF) will place at Romania's disposal under the new precautionary stand-by agreement, namely 3.6 billion euros, will be designated for the National Bank of Romania (BNR), said Jeffrey Franks, the chief for the IMF Mission for Romania, on Tuesday.

Our new agreement stipulates the installment is designated for the BNR. We made an exception at two of the loan tranches of the last agreement, but this is not the normal procedure for the IMF. The estimations foresee the whole amount of the new agreement to go to the BNR. The same way as the normal procedure for the European Commission is that all their money should go to the Ministry of Public Finance, Franks told Agerpres.

Governor Mugur Isarescu on Monday said the BNR will draw on money from the future agreement with the IMF only in case of a serious regional crisis, in order to defend the leu currency from a speculative attack.

'The IMF money can be drawn only in a serious situation, such as an attack upon the currency, caused by a crisis in the region and followed by a massive loss of reserves and confidence,' the BNR governor stated. The central bank could access the IMF funds also if the Treasury fails to get funding at acceptable costs two-three times in a row.

The Board of the International Monetary Fund will convene end March to approve the seventh and final review of its EUR13 billion stand-by loan extended to Romania and discuss the terms of a follow-up agreement, IMF mission chief Jeffrey Franks said Tuesday.

Romania's New IMF Deal To Ensure Economic Stability During Election Year

Romania made a 'wise' move in securing a two-year follow-up deal with the International Monetary Fund, as it will ensure economic stability even in time of elections, IMF mission head Jeffrey Franks said Tuesday. 'It's not unusual for states that face election campaigns to choose programs that would cover that timeframe as well, because it assures investors and international markets that the economic policies are not going to change radically,' Franks told a news conference.He said the government made a wise decision, because, regardless of the outcome of the general elections in 2012, the country will benefit from economic stability.

Romania Unlikely To Remain In Recession Through 2011

Romania's economy is on track for recovery and the probability of a third year of recession is less than 10%, an official of the International Monetary Fund said Tuesday. The eastern European country is estimated to post economic growth of around 1.5% in 2011, after two consecutive years of sharp decline.'I'm pretty confident that Romania will have a positive growth. I'm not sure it will be 1.5% (...), but more than zero is a pretty safe bet,' Jeffrey Franks, IMF mission chief to Romania told MEDIAFAX.The IMF forecasts Romania economy will grow by 4% to 4.5% in 2012.

Sursa: http://www.actmedia.eu

Tags: franks economic romania agreement bnr international designated bet

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