Romanian President Shares IMF Concerns That 2012 Elections Pose Risk To Reforms

Romanian President Traian Basescu said Wednesday on national television TVR he shares the International Monetary Fund’s concerns that elections in 2012 pose risks to the country’s reforms, adding this is the reason he insisted on a precautionary deal with the IMF and the European Union.

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IMF mission head Jeffrey Franks was quoted as saying Romania's 2012 elections pose the greatest risk to the reforms assumed by the country before international institutions, as the Government might undo some of them, arguing that the crisis is over and the economy is recovering.

Romania will hold local and parliamentary elections next year.

The IMF has urged the authorities to decide on a course of action concerning state-owned companies: privatization, shutdown or restructuring.

In March this year, Romania and its international partners agreed on a EUR5 billion follow-up precautionary deal that will end in 2013. Joint teams from the IMF, the EU and the World Bank will be in Bucharest until May 9 for the first review of the follow-up agreement.

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