Romania will start negotiations for a new stand-by agreement with the IMF, PM Victor Ponta said as quoted by Adevarul daily.
The EC might, however, not join the Fund in a new follow-up programme with Romania, the daily informs quoting unofficial sources.
The Commission has accompanied both previous two-year agreements between the IMF and Romania. As we reported, the Fund’s managing director Christine Lagarde will visit Romania on July 15-16.
Ponta's statement comes after central bank officials advocated in favour of a new follow-up agreement with the IMF.
The Fund has just endorsed on June 26 the completion of the second two-year stand-by arrangement with a EUR 3.5bn support financing attached, which was, however, treated as precautionary by Romania.
The agreement was accompanied by a BoP programme of the EU backed by another EUR 1.4bn financing that was also not used by the government of Romania.
The 24-month agreement during 2011-2013 had a three-month exactly because of Romania’s constant delays in meeting its quarterly commitments – particularly in regards to reforms in state-controlled companies. The key reforms in most troubled state companies were actually not yet pursued and a new follow-up agreement would make sense in this respect.
The Al Dahra Group of the United Arab Emirates (UAE) wants to purchase nearly 60,000 hectares of agricultural land along the Danube River, develop a logistics company including water and road ... more
Romanian President Klaus Iohannis said on April 16 he is rejecting a request from the justice minister to dismiss the head of the National Anticorruption Directorate (DNA), Laura Codruta Kovesi. ... more
International steel and mining company ArcelorMittal said on April 13 it has proposed a divestment package to the European Commission in a bid to obtain approval for its planned acquisition of ... more