Romania To Urge IMF, EC To Double State Guarantee Cap - PM

Publish date: 20-07-2009
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Romania will urge the International Monetary Fund (IMF) and the European Commission (EC) to double the state guarantee ceiling, currently set at EUR1.4 billion, in order to extend the mechanism in agriculture and at the level of local administration, Prime Minister Emil Boc said Saturday.

Boc pointed out the government wants to offer state guarantees both for the agricultural sector and for the co-financing of projects unfolded by local authorities, therefore Romania will urge the IMF and the Commission to double the state guarantee ceiling.

"The use of state guarantees in agriculture is an issue of national interest and we shall definitely accomplish that," Boc told a press conference in Ramnicu-Valcea, in southern Romanian county of Valcea.

Boc on Friday said the Romanian government will urge the IMF and EC officials, within upcoming talks in late July and early August, to increase the state guarantee ceiling for strategic sectors, such as constructions and agriculture.
In May this year, Romania and the IMF signed a EUR12.95 billion two-year stand-by arrangement, as part of a EUR19.95 billion financial support package that also includes funds from the European Commission, the World Bank, the European Investment Bank, and the European Bank for Reconstruction and Development.

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