Sensitive market indicators in letter of intent to IMF, not to be made public

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The sensitive market indicators included in Romania’s letter of intent to the IMF will not be made public, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a Thursday news conference in Iasi.

Asked why the IMF is delaying the publishing of the letter, Isarescu explained that the financial institution is not delaying it, but that any financing agreement includes market-sensitive indicators, which, instead of helping the market to work well, are more likely to distort it.

The BNR Governor has explained that these indicators have always existed, in all countries, and that Romania is not in an unusual position.

„I will see if all sensitive market indicators have been identified, when I return to Bucharest.

These indicators will not be made public,’ Iarescu said.

The executive board of the IMF on May 4th unanimously approved a two-year stand by agreement with Romania, worth 12.95 billion euro. According to Romania’s representative to the IMF, Mihai Tanasescu, the first installment, worth 5 billion euro, is to be available right away.

On March 24, Romania and the IMF have forged an agreement at the level of experts, which includes a letter of intent and a technical memorandum of understanding that are submitted to a close analysis by the various departments of the international financial institution.

The letter of intent and the technical memorandum of understanding were signed on April 23 by the Romanian Finance Minister and the BNR Governor.
Romania has agreed on a 2-year accord with the International Monetary Fund for 12.95 billion euro, with the total financing package from the IMF, the EU, the World Bank and the EBRD to stand at 19.95 billion euro.

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