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A joint mission IMF – World Bank- EC comes to Bucharest on Wednesday for the second evaluation in the new agreement
A joint mission of IMF, European Commission and the World Bank comes on Wednesday to Bucharest for the second evaluation of the stand-by agreement precautionary type, the representatives of international institutions to analyse the way in which the reforms were made in the first half of this year. The mission will end its visit on 1 August, when they present their conclusions in a press conference.
The officials of international institutions will meet members of the government, officials, BNR, bankers, representatives of political parties, trade unions, business environment and civil society and will analyse the reforms and the way in which the targets were met for the first half of this year.
The board of the IMF approved at the end of June the first evaluation of the new agreement, precautionary type and offered Romania the second part of 481 million euro.
In March, the Romanian authorities decided to postpone the agreement with IMF in an agreement precautionary type worth 3.09 billion DST ( almost 3.5 billion euro), 300% of the quota Romania has with IMF now. Then, IMF offered Romania a first part worth 60 million DST ( 67 million euro).
The new agreement with IMF is accompanied by a precautionary support of 1.4 billion euro from the European Union and a loan of 400 million euro from the World Bank.
Budgetary rectification will take place after the IMF visit
The first vice-chairman PDL Sorin Frunzaverde stated that the budgetary rectification will take place after the IMF mission ends its visit to Romania, appreciating that the rectification will take probably place in August. Frunzaverde said that they did not discuss the budgetary rectification at the meeting BPN of PDL where he took part, Mediafax informs. The government will make the first budgetary rectification of this year in the first part of August, after the negotiations with IMF in the stand-by agreement, precautionary type when they know the financial data of semester I, official sources said.
According to them, the government wishes that the budgetary rectification concentrate the money on the projects financed out of EU funds but the operation depends on the conclusion of the discussions with IMF.
At the end of stand-by agreement, precautionary type, the government received the agreement of the IMF to allocate in the first semester in the budgetary envelope more resources for investments in EU projects and they supplanted these funds at the middle of the year if the absorption of European funds is improved.