The former representative to the International Monetary Fund (IMF) for Romania and current vice-president of the European Investment Bank (EIB) Mihai Tanasescu (in picture) has said that the country must secure a new IMF agreement when the current deal expires next year. Speaking today (November 22 ) at an economic seminar with Romania's Central Bank (BNR) he said that such partnerships give Romania greater weight at an international level while implementing structural reforms. Tanasescu described Romania's cooperation with the IMF as a long term partnership with goals including economic stability and recovery, reducing unemployment and improving the country's competitiveness.

The EIB official predicted modest economic growth for this year but said Romania could only reach its objectives via structural reform of the public sector. He highlighted education, health and pensions as key areas for reform.

During the recent IMF, European Commission and World Banks joint delegation's visit to Romania, the IMF's Erik de Vrijer indicated that commitments made under the current IMF Standby Arrangement will have to be met before a new agreement can be made. The IMF has approved each disbursement of funds, but, at each review there have been outstanding commitments and objectives, with the pace of privatization of state owned assets being criticized numerous times.

Liam Lever, liam@romania-insider.com