IMF Likely To Give Romania Next 2 Tranches Mid March – Official

Lybek said a new IMF mission will visit Romania end January or early February to assess the country’s economic performance and decide on the next aid tranches.

In November, the IMF concluded its assessment mission earlier than scheduled, saying that will return to Romania after the country’s political situation is resolved.

Romania was scheduled to receive a EUR1.5 billion third tranche from the IMF in December this year, but the country must adopt the 2010 budget first, a move seen unlikely in the absence of a proper government.

The eastern European country plunged into political turmoil in October, after its government failed a no-confidence vote in parliament. The lawmakers have since refused to back a new Cabinet, in response to President Traian Basescu’s refusal to designate their candidate for premiership.

Romanians are expected to cast ballots in the first round of presidential elections November 22, with a runoff scheduled for December 6.

In spring, Romania agreed with the IMF on a EUR13 billion stand-by loan, part of a EUR20 billion package that includes funds from the European Commission and other international lenders.

The fund has already disbursed around EUR6.6 billion to Romania in the first two tranches. The fourth one was set at EUR820 million.