IMF : Second tranche from IMF loan after September 23

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The second tranche from the external loan secured by Romania with the International Monetary Fund (IMF) will be disbursed after September 23, the head of the IMF Office for Romania Tonny Lybek in exclusivity told.

‘The second installment from the loan will be put at the disposal of Romania two days after the completion of the assessment by the Funds’ Executive Committee. The Council will meet somewhere around September 21 and will decide whether the assessment could be completed or not,’ Lybek said.

According to him, some legislative measures will have to be taken before the Council meeting; for instance, for certain fiscal to be implemented, there is need new legislation to be adopted. ‘It seems like the Romanian Government is acting according to the same priorities,’ he underlined.

According to the IMF Web page, The Executive Council will meet on September 21 top check on the first assessment mission of the Fund in Romania, headed by Jreffrey Franks, was carried out in Bucharest in July, based on which a derogation was requested from not meeting the pledges under the criteria of performance stipulated within the Stand-By arrangement.

Early in August, Jeffrey Franks stated that the Government in Bucharest had observed all the targets, except from one: the level of the debts in the general consolidated budget.

‘We will make the assessment based on the rest of the objectives […] We do not want to worsen the situation of Romania with too tough fiscal measures right now, but the country is clear not is in the position to finance a fiscal deficit of minus 8 percent.

If Romania had had, in end-2008, a series of better-oriented economic police, the country would have seen now a much easier situation. Nevertheless, we have to see what we need to do now, in the context of the economic crisis too,’ Jeffrey Franks said back then.

Moreover, he added that IMF ‘was concerned with the financial conditions of certain state- owned companies.’
‘We have established to make supplementary efforts in this area too, so as to ensure a better monitoring of such state-owned companies, especially those who register loss or have significant debts,’ he said.

In his turn, Prime Minister Emil Boc showed optimism related to the tranche in September, worth 1.9 billion euros.
According to the Stand-By Arrangement, the second tranche should have arrived somewhere around September 15.

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