IMF representatives to evaluate for two weeks Romania's compliance with the stand by agreement

Luni, 27 iulie 2009, 16:12 English | Business

An IMF delegation to Romania, lead by Jeffrey Franks will visit the country from July 29 to August 10 for the first evaluation of the stand by agreement signed with Romania, a press release of the international institution reveals. The report will be analyzed by IMF in the second part of September, when they will decide on whether they will release the second money installment.

During the visit the IMF delegation is scheduled to meet Romanian authorities and representatives of the labor unions, business environment and those of the banking system. At some of these meetings EU and World Bank representatives will also be present.

The IMF signed in March a stand by agreement with Romania for two years, worth 12, 95 billion euro. Besides the IMF money, Romania will also receive 5 billion euro from the European Commission, 1 billion euro from the World Bank and 1 billion euro from the European Bank for Reconstruction and Development.