The government has asked for more time to complete a series of reforms undertaken during its existing loan program.
Romania and the IMF signed a EUR3.6 billion precautionary loan agreement in April 2011, successor to a larger EUR20 billion international bailout package received during 2009-2011.
The deal is supplemented by a EUR1.4 billion loan from the EU and another EUR1 billion from the World Bank. So far, the authorities in Bucharest have not drawn any funds.
The eastern European country plans to secure a new loan from its foreign creditors once the existing one ends, but didn’t specify how much it hopes to obtain.
Joint teams from the IMF, the EU and the World Bank will be in Bucharest until Tuesday for the seventh and eight reviews of Romania’s progress under the loan agreement.
People familiar with the talks between Romanian officials and the foreign institutions told reporters that a new review mission should arrive to Bucharest in July to discuss the follow-up agreement.
The new arrangement and the final review of the current agreement should be approved by the fund’s Board in September, according to the desired schedule.