“Macroeconomic targets in the current agreement have been reached, economic growth is healthy and sustainable, the fiscal deficit is sustainable, Romania no longer looks to the future in fear of harsh measures. The unpredictable policy process over this period has made us skeptical healthy macroeconomic measures would be implemented,” said Guillermo Tolosa, IMF Resident Representative in Romania.
In terms of structural reform, Tolosa said the country had mixed results, with projects that succeeded and others that failed, particularly in the case of state companies.
“The IMF program ends on September 26. Some of the goals have been reached, others remain to be reached in the future,” said Tolosa.
He added a technical mission from the International Monetary Fund will visit Bucharest in October to discuss next year’s state budget with the government, not related to the agreement.
“There will be no further meeting of the IMF board regarding this agreement,” said Tolosa.
Romania might seek a new precautionary agreement with the IMF, but a decision will be made at a political level. Prime Minister Victor Ponta said Wednesday the country doesn’t need any more loans from international financial institutions but a new accord would be good, considering “these are troubled times for the region and for Europe”.