IMF: Arrears Of Romania’s 10 Biggest Money-Losing Cos At RON7B

The arrears at the general consolidated budget are estimated at around RON1 billion, said Jeffrey Franks, head of the IMF mission to Bucharest.

Franks said the government must pay at least part of its arrears before the IMF can release new aid from its EUR13 billion loan, but declined to give an exact figure.

End-June, Romanian government arrears stood at RON2 billion, double the half-year target agreed with the IMF.

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The country must bring its government arrears down to RON480 million by year-end and eliminate them altogether by the end of the IMF program in May 2011.

An IMF mission visited Bucharest from October 20 to November 1 to assess the country’s progress under the loan agreement and decide on the disbursement of new aid, worth around EUR900 million.