Tonny Lybek: Decision to further use IMF tranches belongs to Romanian authorities

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The decision to use a Stand-by Agreement or a Precautionary Stand-By one is up to the Romanian authorities, stated on Monday the head of the International Monetary Fund Office for Romania and Bulgaria, Tonny Lybek.

Categorically, Romania can opt for a precautionary type agreement and it is up to the Romanian authorities to decide if they will want to use the tranches to be approved by IMF Board, or not, Tonny Lybek told.
As for the procedures, the head of IMF Office in Bucharest said that IMF will continue to send quarterly evaluation missions to Romania, even in the case of a precautionary type agreement.

The Finance Minister Sebastian Vladescu was reported as saying on Monday that Romania could have in view to adopt a Precautionary Standy-By Agreement in the summer, giving the signal that the Romanian economy is part of the global economic process of recovery.

In May 2009 Romania signed with IMF a Stand-By Agreement in the value of 12.95 billion euros, to be disbursed in eight tranches, on a two-year period. So far Romania received two tranches in the value of 6.9 billion euros and following the conclusion of the evaluation miss ion to Bucharest, over Jan. 20-27, other two tranches, in the value of 2.3 billion euros, will be simultaneously transferred in the second half of February.

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