IMF: Majority of targets attained in Romania, less arrears

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Targets have been attained in Romania, from quantitative angle, less the arrears, stressed on Monday head of the International Monetary Fund (IMF) Mission Jeffrey Franks.

„We have reached and accord on the evaluation of this first assistance period for Romania, surveying what was done and what is needed to be done from now on”, said Franks.

IMF presented on Monday the conclusions of the first evaluation of the stand-by agreement with Romania. For a week IMF representatives have met the Romanian authorities, as well as representatives of the employers’ unions, trade unions and of the banks.

The Fund’s delegation is in Romania since July 29 in order to evaluate observance of Romania’s fixed targets, according to which a second tranche of the loan contracted with the Romanian state is to be granted.

On the other hand, IMF representatives failed to get data on Romania’s aggregate general budget, to be able to check up if this target was met, stated head of IMF delegation to Romania Jeffrey Franks.
We have reached an accord at the level of the mission of experts as for the evaluation of this first phase of the granted assistance to Romania.

We have reached an accord in connection with what has been accomplished so far, and what is needed in the future at the level of the team of experts, as well as with the colleagues from the bank and from the Commission.

Now, it is our turn to discuss with the Fund’s board and the final decision is up to the IMF Board. Given the convened targets for the end of June, all were met except one.

As for the data on the arrears to the aggregate general budget we do not have the information we needed to see if this target was respected, or not, Franks said.

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