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