IMF considers using second part of the loan to plug Romania�s budget gap

“We are considering financing the budget gap from the second tranche due to be disbursed, and if approved, the measure will be part of the stimulus package agreed with the state”, said Jeffrey Franks.

Filling the budget gap using the second portion of the IMF package does not require any amendment to the institution’s regulatory framework, as Fund made similar moves in case of other states, Franks added.

“No amendments to the regulatory framework are required. We have previously financed the budget gap as part of our agreements with various non-European countries. We are currently taking into account a similar measure in case of Ukraine and Hungary”, said Franks.

President Traian Basescu said during a TV talkshow that on Thursday he would meet IMF representatives, and that he would seek to steer the money from the second tranche of the loan to state budget instead of NBR’s war chest.

The governor of central bank, Mugur Isarescu reiterated the president’s official statements, saying that a team of NBR was examining the possibility of directing the money from the second installment of the loan to state budget, adding that the money would eventually end in NBR’s coffers.

“We are examining all the economic conditions for this move. The loan from IMF is a type of swap, we fill our leu-denominated account from IMF and in return, we receive DST and switch it into convertible currency. I am aware of this proposition, and a team from NBR was assigned to examine the conditions underlying it, but in the end, the money will eventually end in NBR’s coffers”, said Isarescu.

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