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November 27, 2021

IMF Executive Board to discuss a new agreement with Romania on September 27

The Executive Board of the International Monetary Fund will discuss on Friday, September 27, the letter of intent sent by the Romanian authorities regarding the new stand-by agreement for a two years period, of about EUR 2 bln, that Romania will treat as a preventive agreement. “We, therefore, request the approval of a new stand-by agreement (SBA) for 24 months, with a total value of 1,751.34 million SDRs (approximately 2 billion Euros, 170 percent of the quota), that we intend to treat as a preventive one. The new SBA program will sustain our economic program for 2013-2015 of maintaining sound macroeconomic policies and the stability of the financial sector and will continue the structural reforms in a context of significant external uncertainties”, the letter sent to IMF and approved last week by the Government says, according to Mediafax. For the first time in the Romania-IMF relation, the letter of intent is signed by the Minister of Finances and by the Central Bank governor, as well as by the delegate Minister for Budget, Liviu Voinea. The IMF Executive Board has approved, in late June, with three exceptions, the final assessment of the agreement with Romania. The last agreement was written in the spring of 2011, as a continuation of the agreement signed in 2009, and it was supposed to be finalized in March 2013, but the Romanian authorities obtained a three months extension of the agreement.

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