The International Monetary Fund postponed the debate by the Executive Board of the assessment of the latest agreement run with Romania and of the previous failed arrangements for April 12 instead of March 29. The rescheduling could push the conclusion of a new agreement further towards the summer, however giving the Nastase Cabinet time to show it is indeed bent on speeding up the reform pace in an electoral year as promised.
"The postponement was caused by the Fund's very busy schedule. Practically, the bureaucratic course of the report through various departments is taking longer than scheduled," Finance minister Mihai Tanasescu says.
Sources close to the talks say the assessment requested by the Board is very important considering some directors actually doubt a new agreement with Romania would be efficient, as programmes and financing allocated throughout 1999-2000 did not produce the desired results.
"A technical instrument was necessary to prove sceptics that the problems, which led to failures in the past have been properly identified and can be avoided in the future; the Fund has a better perspective on how it has to work with Romania and on the measures and conditions that need to be included in a new agreement," sources close to the talks say. This would justify the Fund's political commitment to keep supervising Romania's economic policies during the latter's preparations for EU accession.
The quoted sources said IMF dropping the project of a new arrangement with Romania was out of the question, albeit it will not rush to conclude it unless it includes every necessary guarantee to avoid slippages in terms of macroeconomic stability. The main guarantee in this regard will be setting as lower as possible a budgetary deficit, of even 1.7% of GDP in the event that the state-owned enterprises continue to make losses, worsening the quasi-fiscal deficit.
Finance minister Mihai Tanasescu says he has discussed with IMF's negotiator Neven Mates the possibility to have the completion of the supplementary letter of intent negotiated with the mission that was in Bucharest last month done "electronically" without requiring another delegation to be present. The decision is to be made after the Board meeting scheduled for April 12.
razvan.voican@zf.ro
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
