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Romania May Take A Decision On IMF Loan In 2 Wks

Romania might take a decision regarding an agreement with the International Monetary Fund, or IMF, in two weeks at most, the country’s Finance Minister Gheorghe Pogea said Friday.
Romania May Take A Decision On IMF Loan In 2 Wks
13 feb. 2009, 13:14, English

The decision should be taken after the Parliament approves the 2009 budget and after further talks with the European Commission, Pogea added.

He said a potential loan from the IMF would be used to finance the private sector’s external deficit.

However, Pogea said there are several factors to consider before taking a loan. “When one plans to take external loans, one must be certain the country is able to pay them back.”

End January, Romanian President Traian Basescu said he is against Romania taking a loan from the IMF and would prefer to borrow from the European Union, adding he told the European Commission the country plans to require a EUR6-7 billion loan, under IMF surveillance.

On Wednesday, Basescu said the IMF could be part of Romania’s foreign loan “game” following arrangements with the European Commission.