IMF delegation to visit Romania

A delegation of the International Monetary Fund will visit Romania between October 25 and November 7 for the third review of a EUR3.5 billion precautionary agreement signed end March.

“The mission will meet with the authorities, as well as with representatives of political parties, unions, business associations, banks, and civil society organizations,” Tonny Lybek, IMF’s Resident Representative in Romania and Bulgaria, said in a statement Friday.

In March, Romania and the IMF signed a two-year precautionary loan agreement, successor to a EUR20 billion bailout package received during 2009-2011. The new deal also includes EUR1.4 billion financing from the European Union and a EUR400 loan from the World Bank.

So far, the IMF approved total financing to Romania worth a little over EUR1 billion under the new arrangement, but the authorities in Bucharest have not drawn any funds.