IMF: PM's resignation - no reason to alter Romania's standby agreement

Jeffrey Franks, the head of the International Monetary Fund ( IMF ) mission to Romania, suggested the fund’s standby agreement with Romania would continue unchanged after the Prime Minister Emil Boc’s resignation, according to Reuters.

"I see no reason necessarily for this to have a material effect on the aid agreement. We have every expectation the agreement will continue," Jeffrey Franks said, quoted by Reuters. Emil Boc announced his resignation during a Government meeting on Monday morning ( February 6 ). He said that he had to step down from his position to let somebody else consolidate what the Government has done so far and to ease the social situation in the country. Read more here. An IMF mission, headed by Jeffrey Franks, together with the European Commission and World Bank, arrived in Bucharest on January 25 for the fourth review of the standby arrangement with Romania. The next program evaluation mission is planned for late April. Read more about the IMF agreement with Romania here. Commentators feared that political instability in the country might impede Romania's existing financial agreements with the International Monetary Fund and the European Commission. Irina Popescu, irina.popescu@romania-insider.com (photo source: IMF)