“Strong cooperation and partnership has also been a hallmark of Romania’s successful stabilization,” said Christine Lagarde, managing director of the IMF, during a conference held at the Romanian central bank during her two-day visit to Bucharest.
The IMF’s chief noted that Romania benefitted from the long-term partnership with the fund as the country regained its fiscal stability and confidence it its fundamentals grew.
“Romania has successfully stabilized its economy after being hard hit by the crisis. This involved difficult decisions, but the country took ownership of the problems and delivered an impressive reversal of previously unsustainable macroeconomic imbalances,” Lagarde said.
She said the IMF’s role is to provide help when a country facing difficult situations asks for it or needs the fund’s expertise and discipline.
“I am proud that the IMF has been at Romania’s side, providing both financial and technical support along the way. We very much look forward to taking our partnership forward.”
The fund would be delighted to continue talks with the Romanian authorities to help consolidate the macroeconomic conditions, Lagarde said.
“These efforts have created a platform for growth and I am confident that Romania can stay the course.”
Earlier Tuesday, Romania’s President Traian Basescu said, during a meeting with Lagarde, that Romania needs a new loan arrangement for two more years after it managed to successfully complete its second loan program with the IMF in June.
Lagarde ends Tuesday a two-day visit to Romania, and an IMF mission is scheduled to arrive in Bucharest Wednesday to discuss terms of a new agreement.
Romania and the IMF have signed a two-year EUR3.6 billion loan agreement in 2011, following the completion of a larger EUR13 billion deal secured in 2009. The agreement was supplemented by a EUR1.4 billion loan from the EU and another EUR1 billion from the World Bank. The country has not drawn any funds under the second program.