IMF board will meet on March 25 to debate Romania’s request to sign a precautionary agreement with the international institution, worth 3.6 billion euro, IMF announced on Friday. Moreover, the IMF board will make the seventh evaluation of the standby agreement signed with Romania on May 4th 2009, for a two year period.
This is the last installment of the standby agreement after Romanian authorities decided they will not need the eight installment that the country was supposed to receive from the IMF, worth 1 billion euro. On February 6 President Basescu said that the economic situation does not require the new installment because the national central bank has enough reserves to maintain the stability of the banking sector.
The last IMF mission in Romania conducted a visit in Romania on January 25 – February 8 2011 decided to sign a new standby agreement with Romania, a precautionary agreement worth 3.6 billion euro.
