BNR Governor highlights need for preventive external financing

Governor of the National Bank of Romania (BNR) Mugur Isarescu on Friday highlighted the need for preventive external financing to secure Romania's economic development and protect the economic interests of the population, the Government reports in a press release.

Isarescu attended a meeting of the inter-ministerial committee on securing internal and external financing for Romania. The committee is composed of Prime Minister Emil Boc, Minister of Administration and Interior Dan Nica, Finance Minister Gheorghe Pogea, Economy Minister Adriean Videanu, Education Minister Ecaterina Andronescu, Health Minister Ion Bazac, Communications Minister Gabriel Sandu, Foreign Minister Cristian Diaconescu, Regional Development Minister Vasile Blaga and Agriculture Minister Ilie Sarbu.

Isarescu presented an assessment of the need for external financing, conditions, costs and the programme of measures required in this context.

The inter-ministerial meeting also discussed the resumption of lending by correlating Government's fiscal policies with the BNR monetary policies.

The Romanian authorities will continue talks with the European Commission, the World Bank, the European Bank for Reconstruction and Development (EBRD) and the International Monetary Fund (IMF) in order to secure external financing for Romania.

An IMF mission has been in Bucharest since Wednesday throughout March 25 to discuss the details for an agreement with the Romanian Government, after one week previously preliminary talks were held in Washington.

If the agreement is concluded, it will be the 11th agreement between Romania and the IMF. After 1990, Romania concluded only one such agreement for 2001-2003.

Rompres