Events in Libya and Japan, marginal effect on IMF-Romania agreement

The conflict in Libya and the catastrophe in Japan have not substantially modified the data related to Romania’s next accord with the International Monetary Fund (IMF), Mihai Tanasescu, an IMF board member, said yesterday during an interview with Hot These events are likely to only play a rather “marginal” effect with respect to Romania’s economy, he said. Tanasescu, a former finance minister, specified that the Executive is going to put before the IMF in the coming days a plan on extinguishing arrears, their conversion into bonds being a complex scenario that needs to be discussed in detail. It might be a solution, yet this is only the easy answer,” Tanasescu emphasized.
“Rising oil prices are an emotional rather than a rational component. Surely, here at the Fund, scenarios are being discussed, internal memos are drawn up on developments in the region, yet, as far as Romania is concerned, the effect appears to be rather marginal,” Tanasescu also said. Romania will borrow nearly EUR 3.5 bln from the IMF under a preventive type agreement, with the money to enter the accounts of the National Bank of Romania (BNR). “Japan will be rebuilt. We should be ‘smart enough’, as the Americans say, to join the reconstruction effort,” Tanasescu also recommended.

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