IMF OKs Final Review Of Stand-by Accord, New Deal Terms

The Executive Board of the International Monetary Fund on Friday approved the final review of a EUR13 billion stand-by arrangement with Romania, and the terms of a new, precautionary deal that will start on March 31, an IMF official told MEDIAFAX.

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"The unanimous opinion was positive on the country's efforts in the past two years. Romania now has some of the best outlooks in the region," said Mihai Tanasescu, Romania's representative at the IMF.

Romania and the IMF agreed on a two-year precautionary arrangement worth 3.09 billion Special Drawing Rights (some EUR3.5 billion).

Tanasescu said the fund's board supported the idea of ensuring continuity through a program that focuses on structural issues which are still unsolved.

"Of course there are some problems, such as the government arrears or the state companies' situation… The next program focuses mainly on structural reforms," Tanasescu said.

Romania drew about EUR11.3 billion from the IMF out of a total financial support package worth EUR20 billion, that also included funds from the European Union, the World Bank and other international lenders.

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