Memo: Romania: Statement of the IMF and EC Review Missions

Teams from the International Monetary Fund (IMF) and the European Commission (EC) visited Bucharest during January 15–29 to conduct discussions on the 7th and final review by the IMF and the last review by the EC of Romania’s economic programme.

Agreement was reached, at staff level, on corrective actions that are needed to achieve the objectives of the programme, notably as regards the reduction of government payment arrears and public enterprise reform, and on the 2013 draft budget.

In view of the time needed to take these measures and complete the reviews successfully, the authorities will ask for an extension of their programme with the IMF by three months. This should also facilitate the completion of the last review by the EU.