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Romanian Central Bank Chief Economist: an IMF loan will finance only the external deficit

de A.C.
Miercuri, 11 martie 2009, 11:35 English | Business

Romania's Central Bank Chief Economist, Valentin Lazea declared on Wednesday that negotiations for a foreign loan took off mainly because authorities want to prevent a problem not to solve one. He declared that a possible future loan will represent a pack of credits, of which the IMF money will represent just a part.

The problem, Lazea explained is mainly generated by the private debt. One of the main reasons to legitimize a loan is to protect the country's currency reserves. He declared that there will not be only one loan, but a line of credits ( from the European Investment Bank and the European Bank of Reconstruction and Development).

An IMF loan will cover, most probably the International reserve for the external deficit and by no means to cover the budgetary deficit or project financing. According to Lazea, the money Romania would receive from the European Commission do not have a target yet. 

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