“You cannot say right now whether the agreement is on track or not,” de Vrijer told a news conference Tuesday at the wrap-up of the IMF’s seventh and eight review missions.
He said the government has asked for a three-month extension of its loan program to meet the targets agreed with the IMF at the last review mission in the summer of 2012.
The request will be forwarded to the IMF Board and will be discussed at a later meeting, de Vrijer said.
He said the main targets Romania has failed to meet in 2012 were the cash deficit target, the general government arrears target and the target on the central bank’s net foreign assets.
However, the most important budget deficit target, which was to bring the ESA95 deficit below 3% of the gross domestic product, “was met as planned,” the IMF official said.
Romania ran a cash deficit of 14.8 billion lei (EUR3.8 billion) in 2012, slightly wider compared with a gap target of RON14.66 billion agreed with the IMF.