Andrea Schaechter, the head of the International Monetary Fund (IMF) mission to Romania, has ended her mandate after two and a half years, being replaced by Reza Baqir.

Schaechter took over as mission head for Romania, Ukraine and Kosovo in June 2013, replacing Erik de Vrijer.

“Mr. Reza Baqir was appointed new mission head for Romania and will visit Bucharest between January 12 and January 15 to be introduced to the authorities,” said Guillermo Tolosa, the IMF resident representative for Bulgaria and Romania, in a statement cited by local Mediafax.

Reza Baqir has been working with the IMF since 2000. He holds a Ph.D. in Economics from the University of California and an A.B (Magna cum Laude) in Economics from Harvard University.

Andrea Schaechter’s last visit to Romania was made in October 2015 when the IMF mission came to Bucharest to discuss the country’s economic developments and the 2016 budget plan. After the visit, the IMF warned Romania that its fiscal deficit would come near 3% of the gross domestic product (GDP) in 2016 and would likely pass this level in 2017 as a result of the massive tax cuts and public salary increases if the Government didn’t come up with compensatory measures.

Romania’s last agreement with the IMF, which amounted to EUR 2 billion, ended in September 2015. The agreement was a preventive one, and the Romanian authorities didn’t access the funds.

Romania’s new Government will not make a new agreement with the IMF

Irina Popescu, irina.popescu@romania-insider.com