Romania will sign in March, a new 2 year precautionary agreement with the IMF/EC/WB President Traian Basescu announced in a press conference on Sunday evening. The new agreement is worth 5 billion euro (3.6 from the IMF and 1.4 from the EC) which will not be taken by Romania but will be at our disposal if necessary. Romania will pay no commissions for the money.
Basescu also announced that the 2011 budgetary deficit in the new agreement is 4.5% and for 2012, 3%. Basescu explained that the new agreement will protect the population from the populist promises of the parties. He added that Romania will not take out the last installment from the previous agreement with the IMF, worth 1 billion euro, considering the economic stability of the country.
President Basescu’s main statements
- During the talks I had with representatives from the IMF/ EC/ WB I realized that Romania’s evaluations are consistent with the foreign delegations’ evaluations
- The IMF/EC/ WB agreement ended successfully, the economy is stable and necessary measures to exit the crisis were taken. I believe that all conditions were taken for a health economic growth.
- We’ve taken tough measures but not for our pleasures as they were necessary
- The new IMF/EC/ WB agreement will have some objectives: macro-economic consolidation, improvement of the business environment based on the requirements imposed by the EU, a better EU fund absorption
