Romania Asks IMF For New Waiver On Govt Arrears – Fin Min

„We haven’t met the target on government arrears,” Vladescu told reporters. He added Romania will „obviously” ask for a new waiver of non-observance.

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=RON4.2531), from RON1.5 billion in December last year.

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 until August 4 for a fifth review of Romania’s performance under the loan program.