08. 02. 10. - 16:00

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08. 02. 10. - 16:00

Romania may modify its IMF agreement

Mediafax

Romania’s standby arrangement with the International Monetary Fund (IMF) could be changed into a "precautionary" agreement, Finance Minister Sebastian Vladescu said today (Mon).

Vladescu said that could occur after the fund’s new review mission in May, provided the local economy had shown signs of real recovery.

Vladescu said: "We hope we will be able to switch to a precautionary agreement because it will mean that the global economy has been growing and that the Romanian economy has recovered."

Last year, Romania signed a 13 billion Euro, two-year standby agreement with the IMF, part of a 20 billion Euro loan package including funds from the European Commission, the World Bank and other international lenders.

Romania has so far received roughly seven billion Euros in IMF money and is scheduled to get two new tranches worth 2.3 billion Euros by the end of February.

By switching to a precautionary standby agreement, Romania won't have to draw additional money from the IMF loan except in emergencies. However, the new agreement will not modify the terms of the initial loan agreement.

A new IMF mission will arrive in Romania in late April or early May to review the country's progress under the agreement. The country could receive a new loan tranche in mid-June.

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