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Romania To Ask IMF For Third Waiver On Govt Arrears – Sources

Romania’s Government is planning to ask the International Monetary Fund for a new waiver of non-observance pertaining to the first-quarter performance criteria in the sector of general government arrears, government sources said Tuesday.
Romania To Ask IMF For Third Waiver On Govt Arrears - Sources
27 apr. 2010, 14:05, English

„The indicators agreed with the IMF were met, except for the level of budget arrears,” the sources told MEDIAFAX.

This would be the third waiver of non-observance in the government arrears sector granted by the IMF since the start of the EUR13 billion loan agreement signed with Romania in 2009.

Romania must bring its government arrears down to 480 million lei (EUR1=RON4.1246) by year-end, from RON1.5 billion in December last year.

The country has pledged to eliminate all arrears by the end of the IMF program in 2011.

An IMF mission is expected in Bucharest today for the fourth review of Romania’s economic performance under the standby program.

Following the mission, the IMF will decide whether to release a new EUR850 million tranche from the loan. So far, Romania has received around EUR9.32 billion in IMF money.