Romania’s Government will not conclude a new agreement with the International Monetary Fund (IMF), European Commission and the World Bank, according to government sources cited by local Capital.ro.

The new executive led by former European Commissioner Dacian Ciolos doesn’t consider that Romania needs such a safety measure anymore.

The last stand-by agreement that Romania had with the international institutions expired in September. Initially, the former Government announced that Romania still needed a more flexible agreement with the IMF. The negotiations should have started in March next year, but the new cabinet excluded this option.

In 2009, Romania concluded a stand-by agreement for two years with the IMF, European Commission and World Bank, taking a EUR 20 billion loan to combat the negative effects of the international financial crisis. It renewed the agreement several times afterwards without taking any more money.

editor@romania-insider.com