“I have decided not to approve the memorandum, which states on its third page, among other commitments made by the Government, that excise taxes on fuels will be raised,” Basescu said.
“I have informed the Fund about my position (concerning the increase of excises on fuels, e.n.),” Basescu said.
A new IMF mission will arrive in Romania in January and this aspect may be renegotiated then, he added.
Presidency spokesman Bogdan Oprea said the memorandum should have been sent to the IMF Tuesday.
The Romanian Government pledged in a memorandum agreed with the IMF and presented by Mediafax in mid-November excises will be indexed for inflation starting next year and excise taxes on fuels will rise by EUR0.07/liter.
In September, the executive board of the International Monetary Fund approved a new EUR1.98 billion precautionary credit line for Romania, making this the third financial package the eastern European country has received in the last four years. In October, the European Union Council approved a new EUR2 billion precautionary financial assistance program for Romania in conjunction with the two-year loan from the IMF.
Joint teams from the IMF and the European Commission arrived in Bucharest on October 22 for the first review of Romania’s progress under the loan program.