Chief of mission in Romania of the International Monetary Fund (IMF), Jeffrey Franks, on Tuesday, July 27, met with the Minister of Public Finance, Sebastian Vladescu, and the Secretary of State for Treasury, Bogdan Dragoi, with whom he discussed issues related to Romania’s fiscal situation.
The IMF official said after the meeting that discussions with experts of the Ministry of Public Finance (MPF) will continue on Wednesday too, to focus on the analysis of the 2010 fiscal budget, forecasts for 2011, on how will the budget look next year and mid-term forecasts, both related to revenues and expenditures.
An IMF mission headed by Jeffrey Franks will be in Bucharest over July 26 – August 4 to complete the fifth review of performance of Romania’s Stand-By Agreement signed in May 2009.
The IMF mission will have three main objectives, namely the analysis of the budget rectification for 2010, discussing 2011 budget and a review of the fiscal and monetary policies. Romania‘s financial assistance programme, totaling over 20 billion euros, is supported by the IMF (13.6 billion euros), the European Commission (5 billion), World Bank (one billion euros) and other international financiers. So far, Romania has received nearly 10.7 billion euros from the IMF, 2.5 billion euros from the EU and 300 million from the World Bank.