The International Monetary Fund will not make public the agreement letter with Romania in order to protect the market, Romania's National Central Bank Governor Mugur Isarescu declared. He added that Romania managed, in just five months to become a positive example in the region, Romanian news agency Mediafax informs.
Isarescu explained that he attended several conferences across the country where he tackled issues related to the crisis, like counter measures for the financial system. Isarescu declared that the media distorts the environment and that an important starting step is to identify the real problems affecting the country.
Authorities agreed, in late March to sign a two year stand by agreement with the IMF for 12.95 billion euro and another foreign financial pack from the IMF, EU, World Bank and the European Bank for Reconstruction and Development worth 19.95 billion euro.
The agreement foresees a series of requirements regarding structural reforms and mandatory targets for macroeconomic indicators, Mediafax informs. Thus, the IMF set some quarterly performance criteria for 2009 at 21.36 billion lei. The budgetary deficit targets for the first half of the year and the first nine months were slightly modified after the first agreement, from 12.13 billion lei to 14.5 billion lei for the first half of the year and from 17.63 billion lei to 18.6 billion lei for the first nine months.
Romania's Finance ministry is compelled to send in monthly data for evaluating the budgetary situation, including foreign loans, internal financial system credits or the Government's EU fund requests.