Romanian Ctrl Bk Chief To Explain IMF Loan In Parliament Hearing

Romania’s central bank governor Mugur Isarescu will be asked to explain in parliament the reverberations of the IMF loan on local economy during a hearing of the budget and finance committees, democrat liberal Deputy Mircea Toader said Wednesday.

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“Our colleague Petru Calian asked the budget and finance committee of the Chamber of Deputies to invite central bank’s governor Mugur Isarescu (…) for a debate on how the bank contributes to the macroeconomic stability, how it supports the anti-crisis measures and the government program and how the IMF loan will have a positive influence to keep the exchange rate at a stable level,” Toader told a press conference.

Toader said the hearing will be scheduled at a date convenient to both Isarescu and the parliamentary committees.

Mircea Geoana, Senate chairman and head of the ruling coalition's Social Democratic Party (PSD) also said earlier Wednesday that Isarescu should present the Parliament with the central bank’s planned measures to revitalize the domestic lending.

Romania agreed with the International Monetary Fund, the European Commission and other financial institutions a EUR19.95 billion economic program supported by a EUR12.95 billion (about US$17.51 billion) loan under a two-year Stand-By Arrangement from the IMF.

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