A delegation of the International Monetary Fund (IMF), headed by deputy division chief Jaewoo Lee, will be in Bucharest from May 27 to June 7 for assessing country’s macroeconomic developments under the annual Article IV Consultations carried with each member country.

“On Monday, an IMF team led by Jaewoo Lee began a two-week visit to Bucharest to conduct the annual review of the Romanian economy, known as Article IV Consultation. The team will discuss economic developments and policies with the Romanian authorities. Meetings will be held with officials from the Ministry of Public Finance (MFP), the National Bank of Romania (BNR) and other government agencies, as well as representatives of the private sector and non-governmental organizations,” said IMF resident representative in Romania and Bulgaria, Alejandro Hajdenberg.

The mission will release a statement and will hold a press conference at the end of the visit, on June 7.

Currently, Romania does not have a financing agreement with the IMF, but the financial institution annually assesses the evolution of the Romanian economy, based on Article IV consultations.

IMF has revised its estimate for the growth of the Romanian economy this year down to 3.1% from 3.4% last October, according to the latest World Economic Outlook published on April 9. The IMF also revised upward the current account deficit projections for Romania to 5.2% of GDP, from 3.4% projected last autumn. For 2020, the IMF forecasts Romania’s current account deficit at 4.8% of GDP.

editor@romania-insider.com

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