Tuesday, June 16, 2009

IMF to visit Romania


15.06.2009

A mission from the International Monetary Fund (IMF) is set to visit Romania to check the nation's progress in making economic reforms.

The trip, which will start on July 28th 2009, will be used as the basis for deciding if the country is ready to receive the second instalment of a loan from the IMF and the European Bank.

If the IMF decides that the criteria laid out in the loan agreement have been met, then Romania will receive around €1.9 billion (£1.6 billion) on September 15th.

Overall, the Romania government needs to keep its budget deficit under 24.3 billion lei (£486,538) by the end of the year.

In order to receive the second instalment, it will have to make sure that this figure is under 14.5 billion lei for the first half of the year.

Last week, Nicolaie Alexandru-Chidesciuc, chief economist at the ING Bank in Bucharest, told Reuters that falling inflation in Romania should pave the way for back-to-back interest rate cuts in the country.

This news item is brought to you by KMS Baltics in conjunction with Fest-Forest and EST KINNISVARA. Baltic forestry and property specialists.

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