The initial meeting was scheduled for this month.
Romanian President Traian Basescu on Monday declined to sign Romania’s memorandum agreed with the IMF, saying he disapproves of a EUR0.07 excise duty on fuels.
An IMF mission visited Romania between October 22 and November 5 for the first review of Romania’s loan program. The authorities in Bucharest and the IMF agreed on a series of measures to help reduce the country’s budget deficit in 2014, including higher excise duties and new property taxes.
“We are aware of President Traian Basescu’s disagreement with the government over the specific measures. The IMF staff is monitoring developments and is awaiting a decision by the authorities on whether they wish to modify the policies needed to secure the agreed deficit target, before submitting the policy package to the Fund’s Executive Board,” the IMF said in a statement Tuesday.
The IMF’s executive board in September approved a new EUR1.98 billion two-year precautionary credit line for Romania, the third financial package the eastern European country has received in the last four years.
Romania also requested EUR2 billion in financing from the European Union, while EUR1 billion remains available under a World Bank policy loan.