IMF Board To Review Romania Deal End March

The Board of the International Monetary Fund will convene end March to approve the seventh and final review of its EUR13 billion stand-by loan extended to Romania and discuss the terms of a follow-up agreement, IMF mission chief Jeffrey Franks said Tuesday.

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Speaking in a press call in Bucharest, Franks said Romania has met all the targets agreed for last year, particularly regarding the budget deficit level, which was lowered to below 6% of the gross domestic product.

He said the annual inflation was in line with official projections, although pressure from increased food and fuel prices has driven the rate slightly above the estimated level.

However, the annual inflation is expected to ease over the coming period, Franks said.

A delegation of IMF officials, alongside representatives of the European Commission and the World Bank, concluded the final review of a EUR20 billion financial support package secured by Romania in May 2009.

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