‘As following the request of the Romanian President, IMF is going to send a delegation to Bucharest over October 28 – November 9. Nevertheless, taking into account the current political situation in Romania, the IMF mission will begin talks with the authorities from Bucharest about the 2nd assessment mission stipulated in the Stand-By Arrangement, but with another mission to most probably be necessary after the new government will be finally formed in Bucharest and approved by the Parliament,’ Jeffrey Franks said.
The IMF mission to Bucharest is going to be accompanied also by a team from the European Commission and one from the World Bank. ‘During the visit to Romania, the IMF delegation will evaluate the recent economic performances of Romania and will discuss with the relevant authorities about the economic objectives for the next year, as well as on the political measures and necessary structural reforms to be made with the view to accomplishing these objectives.
The IMF officials will also meet the political parties, the business associations, the representatives of the banks and those of the civil organizations. The delegation will present its conclusions in the end of the visit,’ Jeffrey Franks said.
According to the abovesaid source, ahead of the conclusion of the 2nd assessment mission of the IMF to Romanian there will be need of a strong political commitment on the approval of the 2010 budget, with a deficit of maximum 5.9 percent of the Gross Domestic Product (GDP) to result. ‘Once it reaches an agreement related to the fiscal policies and to the other essential macroeconomic conditions needed to be meet for the success of the programme, the IMF Board is going to meet and analyze the result of the assessment mission,’ the head of the IMF mission to Romania said.
On October 15, Jeffrey Franks announced that ‘an IMF delegation to discuss with the Romanian authorities on the 2nd assessment mission of the Fund, as it was stipulated in the Stand-By Arrangement, is going to arrive in Romania as soon as the new government is formed.’
Moreover, an World Bank delegation would come to Bucharest too to discuss over the conditions for the 2nd loan for development policies but only after Romania will have a new government formed, approved by the Parliament.
Romania needs 1.5 billion euros from the 3rd tranche from the IMF and also of the 1 billion euros expected from the EU by the end of the year, to cover the budget deficit.
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