The IMF is working on a new macroeconomic framework for Romania, in the context of the first assessment of the stand-by agreement in early August, which anticipates, among other things, a deepening of this year's economic decline from 4.1% this year - the current forecast, to 7-8%, official sources told MEDIAFAX news agency. "The International Monetary Fund (IMF) is currently working on a new macroeconomic framework for Romania, in the context of the first assessment of the stand-by agreement, in early August. The new economic decline considered as part of the new framework is between 7 and 8%. The IMF has yet to set an exact figure because it is expecting data on the economy's progression in the second quarter of the year, but the data gathered so far point to the fact that the new GDP forecast will fall within this interval. In all likelihood, the other macroeconomic indicators will be modified, as well, but as far as the current account deficit and the inflation are concerned, the adjustment will be made downwards," sources that will be involved in talks with the IMF in August told MEDIAFAX. The economy contracted by 6.2% in the first quarter, compared with the similar period of last year, but some economists believe the GDP could amount to even lower levels in subsequent quarters. The forecast announced by the IMF after conclusion of negotiations with Romanian authorities in March indicates a 4.1% contraction of the GDP in 2009.
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