Ungureanu met Wednesday with IMF mission chief Jeffrey Franks and the European Commission’s Director for Romania Istvan Szekely to discuss Romania’s economy. However, they did not discuss Romania’s letter of intent to the precautionary agreement.
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.