Romania's stand-by agreement with the IMF will be completed by the middle of next year, according to finance minister Sebastian Vladescu.
'The Fund's team will arrive in Bucharest in order to discuss the current programme's revisions. We hope to have a common conclusion so that we can continue the programme with the Fund until mid next year,' Vladescu said.
Romania signed a $24 million precautionary stand by agreement with the IMF in July 2004, which was frozen before the last Autumn's general elections. Attempts to have it resumed in February and June this year failed because of the uncertain outcome of the new cabinet's fiscal policy. The Fund demanded correction by supplementary revenues. According to Vladescu, by mid next year Romania will complete 'this form of collaboration' [i.e. the stand by agreement] with IMF and the relation will further continue as annual consultations.'