If the review is negative, the agreement will expire de facto, said the sources.
In March, the IMF approved a three-month extension of the EUR3.6 billion stand-by loan for Romania until the end of June. The stand-by arrangement was scheduled to expire on March 30.
“The extension, which was requested by the Romanian authorities, will provide them with time to implement the measures needed to complete the combined seventh and eight reviews under the (arrangement),” the IMF said in a statement in March.
“The extension will, in particular, offer an opportunity to reduce arrears of the central and local governments and to take measures to improve the governance of state-owned enterprises.”
The loan was approved by the fund’s board on March 25, 2011 in the amount of 3.1 billion special drawing rights. The deal is supplemented by a EUR1.4 billion loan from the EU and another EUR1 billion from the World Bank.