Joint IMF, EU and WB mission to arrive in Bucharest on April 27

Publish date: 21-04-2010
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The joint mission of the International Monetary Fund (IMF), European Union (EU) and World Bank (WB) will arrive in Bucharest on April 27, Tonny Lybek, IMF resident representative in Bulgaria and Romania, said on Monday.'The IMF mission, to be headed by Jeffrey Franks, is not only the fourth assessment mission on the way Romania observed its Stand-By Agreement, but is to be also aimed at finalizing consultations in conformity with Article IV of IMF Statute, which will determine discussions on some medium-term policies', stressed Tonny Lybek exclusively for AGERPRES.

According to IMF site, the mission will stay in Bucharest till May 7, when its conclusions will be released.

The IMF mission is to prepare the fourth report on Romania's economic programme, set to be discussed by the fund's board in the second part of June. If the report passes, Romania will be transferred the fifth tranche in value of 768 million DST (0.85 billion euros) from the IMF loan.

'The final meeting of this mission with a double goal, of assessment and consultation, in conformity with Article IV of IMF Statute, is set on May 7. The EU and WB colleagues are to arrive to Bucharest to take part in several meetings', said Tonny Lybek.

The mission has scheduled meetings with governmental officials, from the Ministry of Public Finance, Ministry of Economy, most certainly from the Ministry of Transport and the Ministry of Labor, Family and Social Protection, as well as the National Bank', pointed out chief of IMF office in Bucharest.

'We will attempt, as always do, to discuss with representatives of trade unions and business people associations, as well as with commercial banks management', he added.

As regards consultations in conformity with Article IV, they take place annually with all the member states, irrespective if they have or not a certain ongoing programme with the fund.

'Consultations can be programmed at longer or shorter intervals, but they are focused on some economic policy subjects to be discussed with the respective member state authorities, mainly on medium-term, in contrast with the usual assessment missions focused mainly on performance within the programme convened with the fund', explained Tonny Lybek.

According to him, the budget deficit will be one of the topics, but 'it must be understood that this is not an IMF request, but Romania's economic programme'.

'We must approach fiscal issues because Romania had some fiscal unbalances even prior to the crisis, when the deficit was already exceeding the three-percent ceiling established by the EU. Therefore, we must examine these deficits', said chief of IMF office in Bucharest.

However, he pointed out that 'Romania took some measures in connection with these deficits, to be approached during the talks with the Romanian authorities'.

Romania concluded a Stand-By Agreement with IMF on May 4, 2009 and it provides that the loan in value of 12.9 billion euros is given in eight tranches on a period of 24 months.

Concurrently, Romania has got a five-billion euros loan from the European Commission.As well, the World Bank is granting Romania three loans within its Programme for Development Policies, in total value of one billion euros.

Other international financiers also give Romania one billion euros, the total value of the assistance package being 20 billion euros.So far, Romania was transferred approximately 9.3 billion euros by IMF, 2.5 billion euros by the EU and 330 million euros by WB.

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