Press notice of the Office of the Resident Representative in Romania of International Monetary Fund
26.04.2004
Mr. Graeme Justice, the IMF Resident Representative in Romania has issued the following press statement:
"This weekend the Romanian authorities and the IMF staff reached understandings in Washington D.C. on a 24-month program to be supported by a precautionary Stand-by arrangement with access of SDR 250 million. The program will be considered by the IMF Executive Board in June. The main macroeconomic objectives are to consolidate stabilization and gradually lower inflation to mid-single digits by 2006, and keep the current account deficit below 5 1/2 percent of GDP. The program, in line with Romania's strong commitment to accede to the European Union in 2007, aims to decisively improve governance and the business climate and complete the privatization agenda."