Romanian President: No money to be drawn from the IMF in 2011

No money will be taken from the IMF this year, but nobody knows what will happen in 2012, said the Romanian President, Traian Basescu, pointing to the fact the USA is in difficulty. “Romania doesn't need any money this year from the IMF or the EU. We do not know what will happen after 2011 on the markets”, said the President during a show on public television TVR. Traian Basescu's statement came after the Social Democratic Party leader, Victor Ponta said on Monday, after meeting with the IMF, the World Bank and the European Commission representatives that "it is certain" that the Government will draw money from the preventive agreement to reduce the budget deficit this year and in 2012. Head of IMF's mission in Romania, Jeffrey Franks said on Monday during a meeting with President Traian Basescu that he has "good news", although the mission is not final, and the report that will be presented to the IMF Board will be a good one. A joint team formed of the International Monetary Fund (IMF), European Commission (EC) and the World Bank started the second evaluation of the country’s new stand-by agreement. The representatives of the international institutions will analyze how reforms were achieved in the first half of this year. The joint team will end its mission in Romania on August 1. Irina Popescu, irina.popescu@romania-insider.com (photo source: Romanian presidency)