IMF, EC and WB joint mission begins 7th and 8th agreement evaluation on Tuesday

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The International Monetary Fund (IMF), the European Commission (EC) and the World Bank (WB) joint mission on Tuesday, January 15, begins the seventh and eighth evaluation of the Stand By Agreement with Romania.

During the visit, scheduled to take place until January 29, they will analyze topics such as the recent developments of the Romanian economy and the budget for 2013.

Minister Delegate for Budget Liviu Voinea on Sunday, January 13, told Realitatea TV private television channel he hoped to complete the budget discussions in the first week of the mission, so it could be sent to Parliament.

‘We plan to adopt the budget in the week January 21-25 within the Government and to send it to Parliament. We hope it becomes law as soon as possible, in February. There are different discussion areas with the IMF, the European Commission and the World Bank. Some are discussions on the budget and others on structural reforms. The budget discussions have already begun with the IMF and the European Commission. Last week we organized three audio-conferences with Brussels and Washington and considerable progress was made on the budget draft. We hope in the first of the two weeks of the joint mission of the IMF, the EC and the WB in Romania we are able to complete the discussions concerning the budget, so the following week, with the IMF still here, we send this draft law to Parliament,’ Voinea said.

He underscored that the budget for 2013 was not an austerity one, but a development budget.

Liviua Voinea pointed out that, in the negotiations with the IMF, a distinct area of discussions was that on structural reforms, ‘where we shall make comparisons with what we committed to in September, when we went to the IMF Board with the commitments back then.’

‘I believe that now the new Government will speed up the structural reforms and it is very important they do it,’ Voinea pointed out.

The IMF delegation in the autumn of 2012 postponed the seventh evaluation of the Stand By Agreement with Romania, on the grounds of the conduct of the parliamentary elections and the formation of a new government.

The total value of the current IMF agreement with Romania stands at 3.6 billion euros, representing approximately 300 percent of the quota Romania has with the Fund. At the end of September, at the conclusion of the sixth revision of the precautionary-type agreement, the IMF Board released a new tranche worth 430 million SDRs (Special Drawing Rights), the equivalent of 519.2 million euros (663.1 million dollars).

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