“We have fulfilled our obligations in the budget area. In the structural reform sector, however, we have most certainly recorded delays; nonetheless, I hope we can obtain an extension of the deadlines by three to five months,” Ponta told a news conference.
He said 2012 was a difficult year politically as Romania changed three governments and that the executive needs several months more to complete its agreement with the IMF.
Romania and the IMF signed a EUR3.6 billion precautionary loan agreement in April 2011, successor to a larger EUR20 billion international bailout package received during 2009-2011. The agreement is supplemented by a EUR1.4 billion loan from the EU and another EUR1 billion from the World Bank.
Although it hasn’t drawn any funds from the second agreement, Romania announced it wants to negotiate a similar arrangement that would be enforced once the existing one ends at the end of March.
Market analysts have repeatedly criticized Romania’s lack of progress under the IMF program and warned that the country might not be able to negotiate favorable terms for a follow-up deal unless it can complete its existing arrangement with the best possible results.
Joint teams from the IMF, the EU and the World Bank will be in Bucharest between January 15 and January 29 for the seventh and eighth reviews of the loan program.
Initially scheduled for November last year, the seventh review was delayed due to parliamentary elections.