IMF approves 4th review of precautionary agreement with Romania, releases another 505 mln euros

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The International Monetary Fund’s Executive Board approved the fourth review of the precautionary agreement and will unlock for Romania the next tranche worth 505 million euros, Romania’s representative to the IMF Mihai Tanasescu told .

The IMF made available for Romania nearly 2 billion, this tranche included, Tanasescu said.

‘Romania’s progresses have been praised at today’s discussions. The Executive Board suggested the continuation of the fiscal consolidation, so that the budgetary deficit according to the ESA standards not to exceed the 3 percent limit in 2012, and also to speed up structural reforms in the health domain, transports and the energy sector, that could turn into economic growth engines if faster implemented,’ Mihai Tanasescu pointed out.

Furthermore, the IMF Board praised the way in which the National Bank of Romania adopted a pro-active approach on the banking sector, which is stable, well-capitalized and well-supervised. They also called for attention and pro-active reaction to possible external risks.

The stand-by agreement between Romania and the IMF began on March 31, 2011 and it is a precautionary one, amounting to 3.1 billion SDR, namely 3.6 billion euros, accounting for about 300 percent of the quota Romania has at the IMF.

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