Romania should meet current commitments before signing new arrangement-IMF.

By bne IntelliNews November 15, 2012
Romania should address delayed structural reforms targets under the current stand-by arrangement (SBA) prior to signing a new accord, IMF experts visiting Romania were quoted by Mediafax as saying. The statement comes after President Basescu announced that both the PM and central bank agreed a new follow-up arrangement with the Fund - of one to two years. Romania has not met several commitments set under the SBA. The sale of stakes in major state companies, the appointment of new management teams in state-controlled companies and the payment arrears of central budget, local administration and state companies are the most important of them. The IMF team, accompanied by the WB and EC experts, left Bucharest yesterday, November 14 after discussions over the seventh quarterly review of the SBA, started in spring 2011. The experts will however return after December 9 parliamentary elections for wrapping up the quarterly review.

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