IMF Concerned With Romania’s Ability To Continue Reforms

Franks explained that Romanian authorities need to do more than just approve the reforming measures. Romania also needs to uphold its commitments, keep expenses under control and ensure tax collection, in order to attain a positive result, said Franks.

The IMF representative said the institution’s managing board was impressed with the speed with which the Romanian Government managed to replace the proposed pension cut, ruled unconstitutional by the Constitutional Court.

The IMF approved Friday the disbursement of approximately EUR900 million to Romania, following a new review of the country’s performance under a EUR13 billion standby agreement. The board also accepted a third waiver of non-observance of the performance criterion pertaining to Romania’s general government domestic arrears.