Romania opts for follow-up arrangement with IMF.

By bne IntelliNews November 9, 2012
Romania will opt for another one-to-two year arrangement with the IMF after the current one expires next spring, President Traian Basescu was quoted as saying by Ziarul Financiar daily. Romania needs the Fund's expertise and support in drawing a medium-term growth strategy, especially considering the fact that the EC has expressed concern in response to such plans voiced by the government, Basescu said. Romania currently runs a two-year precautionary arrangement with the IMF, particularly focusing on state-owned companies, after successfully completing a previous 2009-2011 arrangement that sheltered the county's macroeconomic stability. Basescu stressed that closing another arrangement with the IMF is supported by PM Victor Ponta and central bank governor Mugur Isarescu. The three of them have already discussed the issue. The Fund's expertise is needed in order to help the country draw a development policy, Basescu explained. The government recently sent to the EC a plan for the use of funds under the 2014-2020 EU budget and "Brussels' reaction was pretty cold," Basescu was quoted as saying by the daily.

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