Romania’s negotiating team with IMF to stay the same

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Romania’s negotiating team that is putting the finishing touches on Saturday and Sunday to a letter requesting the disbursement of a second instalment of a stand-by financial arrangement concluded with the International Monetary Fund (IMF) and the European Commission will stay the same. The letter is expected to be ready on Monday.

Prime Minister Emil Boc told an extraordinary meeting of Government on Saturday that six ministers – three from the Democratic-Liberal Party (PD-L) and three from the Social Democratic Party (PSD), both in the ruling coalition, will make up the negotiating team to deal with the ongoing IMF evaluation mission for its last days.

Boc said he ‘mandated a team made up of six ministers, three from PD-L and three from PSD that will conduct the last talks on Saturday and Sunday with the ongoing IMF evaluation mission in Bucharest.’ The team is made up of PD-L’s Gheorghe Pogea, Radu Berceanu and Adriean Videanu, and P SD’s Dan Nica, Constantin Nita and Marian Sarbu.

The IMF mission, headed by Jeffrey R. Franks, came to Romania to assess Romania’s meeting its obligations under the macroeconomic programme agreed upon by the two parties, and is expected to leave on August 10.

The purpose of the mission is to prepare a report reviewing Romania’s Economic Program, which is supported by the IMF, the European Union, World Bank (WB) and other international financial institutions.

The stand-by arrangement with the IMF covers 24 months, with the IMF expected to loan Romania 12.5 billion euros in eight tranches.
Under an arrangement with the European Commission, Romania is to receive a 5-billion-euro loan in five tranches, throughout 2011.

Romania has also secured a financial package worth 1 billion euro from the World Bank that will be paid out in instalments throughout 2010.

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