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Mihai Tanasescu, IMF: the main lesson to be learned from the crisis is to know how to attract private money / An agreement with China cannot cover possible needs to finance the balance of payments

de A.C.
Joi, 20 ianuarie 2011, 10:52 English | Top News

The agreement between Romania and the IMF is almost at its end. The agreement was signed with the aim to push Romania towards economic growth but it did not comply with its target. However, Romania was compelled to start a series of reforms that probably would not have been launched if it weren’t for the IMF. Even if on certain sectors progress was modest, like Romania’s Representative to the IMF says, the final result needs to be read in the progresses made. 

In an interview for, Tanasescu talks about the new agreement, most probably for two years, with new targets to consolidate reforms made so far. Romania needs money but not from China, but from foreign direct investments, Tanasescu believes. China would not be able to cover the possible needs to finance the balance of payments.  

Tanasescu believes that the agreement was requested right on time by Romanian authorities and it planned to stabilize the Romanian economy. The agreement, together with the EU and WB managed to ensure the country’s stability in 2009 and 2010. 

Tanasescu said that the new agreement will be precautionary and that the IMF considers that one year is not enough to see reforms to their end which is why a two year agreement would be needed. He said that an important point will be related to the EU funds absorption which are important sources for development and economic growth.  

Regarding a possible loan from China, Tanasescu said that an agreement with China would not cover an institutional cooperation role which the IMF has. He said that there is no contradiction between an agreement with the IMF and a partnership with a country like China. These things complement each other, Tanasescu concluded.

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