Romania May Ask IMF For New Waiver On Govt Arrears At Next Review

„There has been no progress at the arrears level in the first half-year,” Vladescu said.

This would be the fourth waiver of non-observance in the government arrears sector since Romania signed a EUR13 billion loan agreement with the IMF in 2009.

Early May, Vladescu said the government arrears had increased to around 1.7 billion lei (EUR1=RON4.3523), from RON1.5 billion in December last year.

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Romania must bring its government arrears down to 480 million lei by year-end and eliminate them altogether by the end of the IMF program in 2011.

An IMF mission will be in Bucharest between July 20 and July 23 for a fifth review of Romania’s performance under the agreement.