IMF returns to Romania for fifth review of stand-by loan on April 24, Franks' last as chief negotiator

A joint team of International Monetary Fund (IMF), European Commission (EC) and World Bank representatives will arrive in Bucharest on April 24, for the fifth review of the country’s stand-by agreement. The visit will last until May 5. This will be the first evaluation mission made under Romania’s new Government, led by Prime Minister Mihai Razvan Ungureanu, after the head of the IMF mission to Romania, Jeffrey Franks, and Istvan Székely, the director for Romania with the European Commission, made a visit to Bucharest on February 21 and 22, to meet the members of the new Government. They were invited by Mihai Razvan Ungureanu to talk about ‘current economic issues’, without including the country’s letter of intent with the IMF among discussion topics. IMF has named Dutchman Erik Jan de Vrijer the chief negotiator for Romania, replacing American Jeffrey Franks, who’s been leading Romania’s economic program within the IMF for the last three years. Erick Jan de Vrijer, who was IMF’s Europe Department Assistant Director, will start on the new job this summer. The upcoming IMF mission scheduled for end-April will be Franks’ last as chief negotiator for Romania. The IMF agreed to disburse an additional EUR 505 million for the country, after the fourth review, bringing the total resources that are currently available to the country at about EUR 2 billion. The stand-by agreement stays at a total of EUR 3.6 billion and was approved a year ago. The country does not intend to draw any money, as it continues to consider the deal as precautionary. editor@romania-insider.com