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Romania Sept Arrears Down To RON1.34B, Still Exceed IMF Criteria

Romania’s arrears decreased by 205 million lei (EUR1=RON4.2373) to RON1.338 billion in the June-September period, Finance Ministry state secretary Gheorghe Gherghina told MEDIAFAX Wednesday.
Romania Sept Arrears Down To RON1.34B, Still Exceed IMF Criteria
09 dec. 2009, 13:32, English

Gherghina said ministry officials will consult the International Monetary Fund about the opportunity of a second waiver of non-observance regarding the domestic arrears.

Under a EUR13 billion arrangement signed with the IMF this spring, Romania pledged not to accumulate additional arrears until September and to lower them by RON150 million by December. By end 2010, Romania’s stock of arrears should be depleted, according to the agreement.

However, Romania’s arrears rose by RON490 million in the first half-year, bringing the total stock to RON1.543 billion at end June.

Romania has sought and received lenience from the IMF regarding its domestic arrears, as the fund’s Board approved late September its request for a waiver of non-observance of the end-June 2009 performance criterion in the sector.

Early November, the IMF representatives said after a second assessment mission to Romania that the country has met all targets included in the agreement for end-September, excepting the objective on non-accumulation of domestic arrears.

Despite final data not being available at the time, IMF mission chief Jeffrey Franks said Romania had most likely missed its target.