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IMF Puts Off To April 2011 Romania’s Deadline To Cancel Arrears

The International Monetary Fund has extended the deadline by which Romania must eliminate the government arrears until April 2011, due to a difficult monitoring of the local debt, IMF mission head Jeffrey Franks said Wednesday.
IMF Puts Off To April 2011 Romania’s Deadline To Cancel Arrears
27 ian. 2010, 12:52, English

The initial term was set for the end of this year, but the arrears stock is bigger than estimated, Franks told a news conference.

Franks didn’t give an exact figure for Romania’s current arrears, but estimated their level reached 1.4 billion lei (EUR1=RON4.1319) at the end of November last year.

Under a EUR13 billion arrangement signed with the IMF early 2009, Romania pledged not to accumulate additional arrears until September and to lower them by RON150 million by December last year.

By end 2010, Romania’s stock of arrears should have been depleted, according to the initial agreement.