Mugur Stet: IMF third and fourth tranches to enter BNR account on Tuesday

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Tranches third and fourth from the International Monetary Fund (IMF) in the framework of the Stand-By Agreement with Romania will be transferred on Tuesday into Romania’s National Bank (BNR) accounts.

“IMF money arrives tomorrow”, Central Bank spokesman Mugur Stet told. Romania is disbursed 3.45 billion euros in both tranches, of which a part will go to the state Treasury accounts and another part will stay with BNR, to consolidate the foreign currency reserve. IMF Board approved on Friday, unanimously, the disbursement to Romania of the two tranches worth 2.45 billion euros, part of a 12.9 billion euros loan contracted with the international financial institution.

Of the total 12.9 billion euros contracted with IMF, on a 24-month period, Romania cashed almost 6.9 billion to which the two aforementioned tranches in the total value of 2.45 billion euros will be added. Within IMF Board meeting the members came up with recommendations to Romania by three main categories.

“A first message is linked to the fiscal policy, especially the continuation of structural reforms, respectively the approval by the Parliament of the fiscal responsibility law, the pensions law, the local communities law”, stated Mihai Tanasescu, IMF senior adviser.
Another set of issues approached by the Board members referred to the arrears, field in which Romania asked for another derogation. Thirdly, due to inflationary pressures currently, IMF recommended BNR to continue the same cautious policy, so that at 2010-end the inflation rate to range within 3.5 percent, +/- 1.

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