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IMF Mission Visits Romania For Discussions On Potential Program

An International Monetary Fund mission will visit Romania later this month to hold discussions on a potential IMF program for Romania, the institution said Monday in a statement.
IMF Mission Visits Romania For Discussions On Potential Program
09 mart. 2009, 19:13, English

“The program would be part of a pro-active, insurance-based multilateral financing package, to be supported by the European Union and the World Bank, among other international financial institutions,” IMF’s Romanian office said in the statement.
 
An IMF mission, led by Jeffrey Franks, will visit Bucharest during March 11-25, following up on the ongoing economic dialogue with the Romanian authorities, according to the release.
 
“Preliminary discussions in Washington last week were fruitful, and we remain in close dialogue with the Romanian authorities and the European Union to evaluate appropriate responses, including possible technical and financial support,” IMF also said.
 
A Romanian delegation including central bank deputy governor Cristian Popa and Finance Ministry secretary of state Bogdan Dragoi carried at Washington discussions with the International Monetary Fund a potential agreement. Popa and Dragoi were also in Brussels to talk to the European Commission representatives about an eventual loan.
 
Earlier the day, Romanian President Traian Basescu said the country needs a foreign loan as a “safety belt” for the private sector and the current account deficit, not to finance its public debt and budget deficit.
 
Basescu added that Romania might access European Union funds, but only if the country inks a partnership with the International Monetary Fund.
 
The IMF mission will also continue assessing the macroeconomic situation, according to the release.