IMF mission chief to Romania began his visit at the Romanian National Bank

IMF mission chief to Romania Jeffrey Franks began his visit to Romania’s Central Bank (BNR), a day after the Romanian representative to the OMF Mihai Tanasescu discussed with the BNR leadership. According to BNR sources, discussions will include budget issues, budget enforcement and Romania’s economic growth prediction for this year.

On arriving in Romania, Jeffrey Franks said that the decision of continuing the loan with half of the next two instalments for the state budget was not taken yet and it will be decided after the discussions in the days to follow. Around 10: 30 (local time) Jeffrey Franks was in the BNG Governor’s office, Mugur Isarescu.

Romania has sealed an agreement with the IMF over two years, for 12.95 billion euros. The total foreign finance package – with money from the IMF, European Union, World Bank and EBRD – amounts to 19.95 billion euros.

In the beginning of May, the IMF gave Romania the first loan instalment: nearly 4.8 billion euros. This went in the BNR reserve, and in September Romania received the second instalment of the stand-by agreement: 1.85 billion euros. Half of it went to BNR’s reserve and half, to the state’s Treasury account with the BNR.