IMF board to review new agreement with Romania next Monday

The Board of the International Monetary Fund (IMF) delayed for Monday, June 27 the meeting for the first evaluation of the new stand-by agreement with Romania, originally scheduled for this Friday. The progress of the reforms undertaken by the Romanian authorities will be analyzed during the meeting. In the letter of intent to the IMF, the Romanian Government said that will adopt the ordinance regarding the restructuring of the National Agency for Fiscal Administration (ANAF), will make an inventory in all the arrears of the state companies, and will present a new formula for calculating tariffs for natural gas. IMF, the World Bank and the European Commission were in Bucharest between April 27 and May 9 for the first evaluation of the new agreement. The new preventive agreement, signed in late March for two years, has a value of around EUR 3.5 billion, which means 300 percent of Romania's quota at the IMF. The agreement also has a preventive support of EUR 1.5 billion from the European Union and a loan of EUR 400 million from the World Bank. Irina Popescu, irina.popescu@romania-insider.com (photo source: IMF)