IMF: A budget gap larger than 5.9% is not enough to disburse the tranche

IMF said it wants to look at the 2010 budget, especially at the structure of expenses, before approving the disbursement of the third tranche to Romania under stand-by agreement, said the IMF’s regional representative, Tonny Lybek, warning that a budget gap wider than 5.9% is not enough to restart aid program.
“We must see the specific details and decide whether the budget plan is feasible. It is not enough to formulate a budget plan relying on a gap of 5.9% of Gross Domestic Product. Expenses structure must also be in line with our macroeconomic forecasts”, said Lybek.

He added that passing the 2010 budget was a “priority” for Romania to receive the third tranche from the IMF and stressed the importance of its credibility. “It must be approved by the Parliament as well”.

Asked whether the IMF would disburse the third tranche of the aid package, if Romania had a budget for 2010 but no stable government, Lybek said IMF was not getting involved in the political climate.

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