Romania’s Talks With IMF Difficult, Loan Agreement To Continue – Fin Minister

Romanian Finance Minister Sebastian Vladescu said talks with the International Monetary Fund are difficult, given Romania’s economic situation, adding that, at the moment, there is no risk the country might not continue the agreement signed with the international institution.

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Romania pledged to cut public spending, reduce its budget deficit and reform its pension system under an IMF-led international bailout package of nearly EUR20 billion.

Romania has already received EUR9.2 billion in IMF money in four tranches. The fund has allowed Romania to use part of the last three disbursements, or EUR2.2 billion, to finance the budget deficit.

The IMF should release the fifth tranche, worth some EUR850 million, provided a successful review of Romania's performance under the agreement. An IMF mission is currently in Bucharest for the fourth review of the stand-by program.

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