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Lybek, IMF: First precautionary agreement evaluation mission, to come to Romania on April 27

The first mission of the International Monetary Fund (IMF) evaluating the precautionary agreement signed with Romania will come to this country on April 27 and the evaluation will complete on May 9, IMF representative for Romania and Bulgaria Tonny Lybek said on Friday.

An IMF mission headed by Jeffrey Franks will pay a visit to Bucharest in the period April 27 - May 9, for the first evaluation of the stand-by precautionary agreement. Teams from the European Commission and the World Bank will accompany the mission, Tonny Lybek said.

The IMF official mentioned that the mission representatives would meet the Romanian authorities, but also representatives of the political parties, trade unions, banks, business associations and the civil society. The conclusions of the evaluation will be presented at the end of the visit, Lybek pointed out.

The stand-by agreement with the IMF is a precautionary one, accounting for 3.1 billion SDRs, that is approximately 3.6 billion euros, representing about 300 percent of the quota Romania has with the IMF.

The new agreement with the IMF will unfold over a 24-month period, at the same time with a new precautionary agreement with the European Union, amounting to 1.4 billion euros, as well as with a 0.4 billion-euro loan from the World Bank.

As it is a precautionary agreement, the money from the IMF can only be accessed in case of exceptional situation, such as an attack on the national currency triggered by a crisis in the region, materialized in a massive loss of reserves and trust, or in case the Treasury fails two or three times in a row to get funding at acceptable costs. Under these circumstances, the entire amount of 3.6 billion euros that the Fund puts at Romania's disposal through the new precautionary agreement will be transferred to the National Bank of Romania (BNR).

The agreement establishes a framework and a series of targets in fields such as energy, transports and health-care .

Sursa: http://www.actmedia.eu

Tags: agreement romania april billion lybek mission evaluation first precautionary bnr euro

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