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IMF says Romanian reforms on track


IMF says Romanian reforms on track


The International Monetary Fund says Romania is on track to cut its budget deficit to 6.8 percent of GDP this year easing concerns about the recession-hit country’s finances

An IMF representative in Bucharest said they will release the next instalment of loans due under Romania’s 20 billion euro bailout programme and that will happen as soon as the draft budget for next year is adopted.

The IMF’s Romanian mission chief Jeffrey Franks said: “We reached an agreement at the level of experts. As soon as the conditions are met, we can expect the board to unlock a new tranche.”

That is worth around 900 million euros and could be released by mid-January.

The conditions include final approval of pension and public-sector pay reforms.

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