However, in the unlikely event that this happens, the IMF is ready to increase the funds made available to Romania under its latest stand-by arrangement signed early this year, IMF mission chief Jeffrey Franks told Mediafax by phone.
Franks said some of the foreign banks have reduced their exposure to Romania in the last months, but others increased financing to their local subsidiaries, and so the system as a whole suffered little or no negative effects whatsoever.
On Monday, the IMF completed the third review of Romania’s economic performance under a EUR3.6 billion loan agreement and freed up additional EUR507 million to be drawn if need.
So far, the IMF approved total financing to Romania worth around EUR1.6 billion under the new arrangement, but the authorities in Bucharest have not accessed any funds.