Romanian President: I Wish Romania Needed No IMF Deal

Romania's President Traian Basescu said Wednesday on the public radio station that he, as well as other politicians, wished Romania didn't need to borrow money from the International Monetary Fund, or IMF.

Basescu said the exact amount will be known after the evaluation is completed. But, unlike in the '90s, when Romania borrowed a few million US dollars from the IMF, the current discussion is for "a few billion", he added.

No expert can say that Romania is able to get through the current financial turmoil without taking any loan, Basescu also said.

Romania's Government sent the European Commission a letter requesting the institution to officially begin negotiations for sealing a financing deal, the value of the loan being set up following talks with the CE and IMF officials.

An IMF delegation is in Romania's capital city Bucharest, for a two-week visit, to talk about an agreement that will be part of a multilateral financing program sustained by both the European Commission and the World Bank, and other international financial institutions.

Government sources told MEDIAFAX on Tuesday that, following the evaluation made up by the Finance Ministry and the central bank, Romania plans to borrow EUR19 billion from EC and IMF, out of which the institution in Washington will contribute with EUR12 billion.

Following the negotiations, Romania will send IMF a letter of intent for closing a two-year stand-by agreement, with five years to reimburse the loan, official sources told MEDIAFAX.

Mediafax