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January 28, 2022

Romania will not contribute to IMF capitalization for now

Romania will not be compelled to contribute to the capitalization of the IMF as it is among the countries which have an agreement with the financial institution, the prime-minister Emil Boc stated on the public radio. The premier added his statement was based on current information, but warned that we should await the conclusion of EU leaders.  Finance Minister Gheorghe Ialomitianu made a similar argument. “At the moment, countries which have a running agreement with the IMF and the European Commission need not contribute to this fund. We do not totally preclude the possibility,” Ialomitianu stated. European Affairs Minister Leonard Orban is somewhat more vehement. The latter stated for EuropaFm that, based on information the authorities now hold, there was no question of a state running an agreement with the IMF contributing funds, arguing it made no sense to get support from the IMF and, at one and the same time, contribute money to the Fund.  The chief economist of the National Bank of Romania (BNR), Valentin Lazea, begs to differ. According to the latter, Romania’s contribution to boosting the IMF’s funding capacity is a price which needs to be paid and Romanians should get used to the idea that benefits come with a price.

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