IMF mission starts talks on new stand-by deal with Romania

By bne IntelliNews July 18, 2013

An expert team of the IMF has already started talks with Romania on a new follow-up agreement after the previous one expired last month. The mission began with meetings at the headquarters of the finance ministry and the central bank for technical details.

The new agreement will most likely address the delays accumulated in the restructuring of state-controlled companies – along with the further measures aimed at enhancing the macroeconomic stability.

It remains unclear whether the EU would join the IMF in shaping a new two-year programme with Romania. So far, the EU accompanied the Fund's stand-by agreements with BoP support programmes for Romania.

Based on the rhetoric expressed by IMF's managing director Christine Lagarde in Bucharest earlier this week, the government and the central bank might be also encouraged, under the new funding deal, to take steps for stimulating domestic demand on both consumption but particularly on the investing side. The nature of such stimulus is still unclear, but the IMF official mentioned state support given to small enterprises and other sectors for getting access to bank financing. If successful, this would help both the banking system and the real sector.

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