IMF delegation comes to Bucharest on Monday

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A delegation of the International Monetary Fund (IMF) comes to Bucharest on Monday to hold talks with the Romanian authorities, according to First Vice- Governor of the National Bank of Romania (BNR) Florin Georgescu.

The Fund officials are to hold talks at the National Bank, at the Ministry of Finance and to have a meeting at the Presidency, said Georgescu. IMF representative for Romania and Bulgaria Tonny Lybek said recently that the Fund had no fixed dates for its next missions in Romania. We do not have fixed dates for the next missions, either we or the World Bank.

We are prepared to come when the Romanian authorities are prepared too, said Lybek, who added that the Fund must talk to a government that was already created.
He said that the fiscal measures agreed upon with the Romanian authorities in August for reducing the budget deficit were delayed for various reasons, but the deficit target for 2009 was 7.3 percent of the GDP and the IMF supposed that the Romanian authorities would do their best to achieve this target.

A credible budget for 2010 will have to observe the deficit agreed upon amounting to 5.9 percent of the GDP. Then, as regards the reduction of budget spending, it must be realistic and achievable and the revenues should be collected, according to the economic prediction. Of course, all the other obligations Romania has assumed must be observed too, said Tonny Lybek.

A mission of the IMF, World Bank and the European Union was in Bucharest over October 28-November 6. The financing agreement, with a total value of 19.95 billion euros, covers a 24 month span of time and the sums from the IMF total 12.95 billion euros in eight tranches.

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