Technical team from IMF discussing state budget in Bucharest

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A technical team from the IMF (the International Monetary Fund) is staying in Bucharest over December 14 and 16, to continue with the technical consultations on Romania’s state budget for 2010, chief of the IMF office for Romania and Bulgaria Tonny Lybek told.

Tonny Lybek also underlined, this visit is to be treated both like part of the permanent dialogue between the Romanian authorities and the Fund and also as a preparation of the second IMF assessment mission to Romania, as scheduled in the Stand-By arrangement between Romania and the IMF.

The chief of the IMF office in Bucharest also specified the date of the arrival of the second assessment mission of the Fund in Romania hasn’t been established yet. The mission might arrive in January, after the new government drafts its governing programme.
Tonny Lybek had previously told that ‘no precise data for the arrival in Bucharest of the second assessment mission of the Fund exists. The Fund is capable of reacting very fast, if Romanian politicians will manage to adopt the budget, which should be not just any budget, but a credible one.

A credible budget for 2010 will have to reflect the budget deficit of 5.9 percent of the GDP accepted by the IMF. As regards the cutting in the budgetary expense, the figures should be realistic and achievable, with incomes to be secured, according to the economic forecast. Nevertheless, Romania needs to observe also all its other obligations’, Tonny Lybek said.

The arrangement concluded by Romania with IMF, worth 19.95 billion euros, carries a 24- month maturity, with the Fund following to transfer to Romania 12.95 billion euros in total, in eight tranches. The remaining of the amount will come from the EC, WB, EBRD and EIB, as following: 5 billion euros from the European Commission (EC), 1 billion from the World Bank (WB), and 1 billion euro from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

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