IMF clears EUR 905mn disbursement to Romania.

By bne IntelliNews January 10, 2011
The executive board of the IMF completed the sixth review of the stand-by agreement with Romania and cleared the disbursement of the seventh tranche, of SDR 769mn (EUR 905mn) under the agreement, the Fund said in a news release reads. This brings the total disbursements under the SBA to SDR 10.6bn (EUR 12.4bn), of the total SDR 11.4bn (EUR 13.5bn) agreed initially. A new mission of the Fund is scheduled for late January. Its goals will be the final assessment of the SBA and the beginning of talks on a new agreement.

The Fund praised the authorities efforts in pursuing prudent and proactive monetary and fiscal policies and stressed that Romania is now on a clear path to meeting its short and medium-term fiscal goals, the IMF said. The fund outlines the following further tasks for the country:

Control spending pressures in the health care and public enterprises

Improve absorption of EU structural funds

Reform tax administration

Labour and social safety reforms, aimed at a higher productivity

Permanent resolution of the issue with the domestic arrears by improving payment discipline.

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