IMF: New Agreement Aims Keeping Romania On The Right Track

Romania’s follow-up agreement with the International Monetary Fund sets a series of ambitious goals for the next two years, but not all of them will be completed by the end of the financial program, IMF mission chief Jeffrey Franks said late Wednesday.

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"I know that we have an ambitious agenda with the government in the new program, and I realize that not everything in that program is going to happen. But it's not a question whether you get everything you want, is a question whether you're moving the country in the right direction," Franks said in an interview for Romanian public television channel TVR.

"We're hoping we're helping the country to move in the right direction," he added.

Romania's Government announced a few days ago that the country decided to sign a follow-up agreement, worth EUR5 billion, with the IMF and the European Union to be enforced after a two-year EUR20 billion stand-by deal ends in May.

The new agreement will be signed for two years and will be a precautionary deal.

Joint teams from the IMF and the EU visited Romania between January 25 and February 8 to review the country's progress under the standby agreement and discuss the terms of a follow-up deal.

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