“This is a customary practice when a country with a program supported by the IMF and EU has changed its government,” said Tonny Lybek, IMF resident representative in Romania and Bulgaria. IMF’s mission head to Romania Jeffrey Franks and István Székely, EC Country Director, will visit Bucharest at the request of the newly appointed Prime Minister Mihai Razvan Ungureanu.
“Changes to Romania’s letter of intent agreed in early February are not envisaged,” Lybek said in a statement.
In April 2011, Romania and the IMF signed a EUR3.5 billion two-year precautionary loan agreement, successor to a EUR20 billion bailout package received during 2009-2011. The new deal also includes EUR1.4 billion financing from the European Union and a EUR400 million loan from the World Bank.
A joint IMF/EU team visited Romania between January 25 and February 6 for the fourth review of the loan program. The foreign institutions concluded that the eastern European country met its quarterly criteria under the program and economic and fiscal reforms were on track.