ECONOMY FINANCE&BANKING

International Monetary Fund’s mission visits Bucharest starting Wednesday

A mission of the International Monetary Fund will be in Bucharest starting with Wednesday for a first contact with the new governmental team, says the Public Finance Minister, Viorel Stefan.

“It’s a courtesy call, we’ll have no other talks,” specifies Stefan.

The small-team mission is to be headed by the IMF head of mission for Romania, Reza Baqir. The visit will last a week.

Currently, Romania has no financing agreement underway with the IMF, but the international financier is assessing the evolution of the Romanian economy annually, based on Article IV consultations.

The latest agreement that has been closed without a clear conclusion in September 2013 was worth two billion euro, but the Bucharest authorities did not access funds. The goal of the preventive agreement was to protect the Romanian economy from eventual financial markets’ moves. It was the 10th such agreement concluded by Romania with the IMF in the last 23 years and the 3rd asked for by Romania from the IMF, since the beginning of the 2009 economic crisis.

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