Romania’s agreement with the IMF, set to expire in March, will be extended by two months, considering that this technical possibility can be applied.
Romania planned that, at the end of the current agreement, they would sign a new one, but the Romanian authorities have not performed according to the agreement in force, the standby agreement which was signed for a one year period.
Therefore, they chose this option, to extend the current agreement set to expire in March 2013, for another two months, May and June respectively.
The exact circumstances leading to this agreement between the Romanian party and the IMF are not known yet, the IMF will be concluding its last assessment mission within the current agreement on June 29.
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Most likely, the IMF representatives are satisfied with the provision of the current draft budget for 2013 and by the budget distribution and allotments made by the Government in power.
Moreover, currently a series of postponements are being negotiated regarding some companies privatization. Part of the measures have already been taken, like Oltchim for instance, where the Government chose to make it enter the insolvency procedure.