IMF extends stay in Romania to finalize heated negotiations

The International Monetary Fund (IMF) has extended its stay in Romania until the end of this week-end, although it was supposed to leave the country tomorrow, May 7, the IMF has announced. The two extra days are meant to offer more time for negotiations with the Romanian state representatives. The IMF review mission came to Romania on April 29 to asses the country's evolution based on the stand-by agreement signed with the fund last year. The IMF and a group of international financial institutions, as well as the European Commission, have offered Romania a EUR 20 billion funding package last year. With ongoing discussions, no official announcement has been made on what measures Romania will take to gather more funds to the state budget. Media reports pointed to VAT and flat tax increase, quoting unnamed sources which attended the IMF – government meetings.