Romania, IMF To Discuss Follow-Up Deal In Q1 2011

Romania and the International Monetary Fund will discuss the terms of a possible follow-up loan agreement at the fund’s next review mission to Bucharest in 2011, IMF mission head Jeffrey Franks said Monday.

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"We've had general talks with the authorities regarding possible new elements of a follow-up agreement and we've agreed to carry out complete negotiations at the next mission in January-February next year," Franks told a news conference.

Romania and the IMF last year signed a EUR12.95 billion two-year standby agreement, as part of a larger EUR19.95 billion package which includes funds from the EU, the World Bank and other foreign lenders.

Romanian President Traian Basescu said recently that the country plans to enter a new loan agreement with the fund after the current one will end in May 2011.

The follow-up agreement will most likely take the shape of a precautionary loan and is expected to also include European Union financing.

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