IMF review mission forecasts 3.6% local economic increase in 2011

The International Monetary Fund, which has finished its review mission in Romania this week-end, expects a 3.6 percent economic increase in Romania next year, after a zero increase or even a drop in the Romanian economy forecast for this year. The first two months of the year were below IMF's expectations in terms of economic evolutions in Romania, according to Jeffrey Franks, the head of the IMF mission in Romania. This was the fourth IMF review mission in Romania since the country has signed the stand-by agreement. The IMF will decide in June whether it will send the country the fifth loan installment, some EUR 850 million. Romania has a two-year stand-by agreement with the IMF, for around EUR 13 billion. The entire financing package included money from the European Union, the World Bank and the European Bank for Reconstruction and Development, a total of EUR 19,95 billion.