Joint IMF-EU team to visit Romania starting July 17

By bne IntelliNews July 10, 2013

A joint IMF-EU team will pay a visit to Romania starting from July 17 until the end of the month, the finance ministry said in a press release.

Representatives of the EU member states attending ECOFIN on July 9 have reportedly agreed with a new follow-up agreement between Romania and the IMF, the release also informed.

The Fund has already completed on June 26 the previous 24+3-month agreement with Romania, which followed an earlier 2009-2011 agreement aimed at helping the country through the first, toughest recession years. Romania borrowed some EUR 20bn from IFIs under 2009-2011 programmes but treated as precautionary the 2011-2013 programmes.

Nonetheless, it remains unclear whether the EU would join Romania’s would-be new agreement with the Fund – as it was the case with the previous two IMF-Romania agreements. Rumours have been recently circulated about the EU avoiding a new agreement with Romania – though no official comment has been made in this regard.

The EU has provided BoP support programmes to Romania as part of the country’s broader agreements with IFIs since 2009. The final decision on Romania’s agreement would be taken at the ECOFIN  meeting on October 15, the release hints.

 

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