Mihai Tanasescu: Change to a Precautionary Agreement would mean a good signal

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The passing to a Precautionary Stand-By Agreement would give a very good signal both abroad and inside the country, appreciated on Monday Mihai Tanasescu, senior adviser with the International Monetary Fund, in a statement.

“The discussion about the passing to a Precautionary type agreement is a little premature and we could have an evaluation of such a decision in April or May 2010, when the following IMF evaluation mission arrives to Bucharest. The objective must be examined carefully and in a general context”, pointed out Mihai Tanasescu.

Romania’s representative to IMF considers that in case such a decision is adopted, for a Precautionary Stand-By instead of a Stand-By, “a very positive signal will be transmitted, that Romania will continue its reforms under a Fund’s programme and at the same time it will prove that the country succeeded to overcome a difficult moment and can secure own financing on the internal and foreign markets.

At the same time, such a decision would prove that Romania has a very firm commitment to continue reforms”. The Stand-By Agreement signed on May 4, 2009 by Romania with IMF stipulates that Romania will receive 12.95 billion euros in eight tranches, on a 24-month span. So far, Romania received the first two tranches, in total value of 6.9 billion euros.

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