The advance in exports and industrial production slowed in the second quarter according to preliminary data, leading to an economic growth below the one reported in the first quarter, said Jeffrey Franks, International Monetary Fund (IMF) mission chief in Romania, according to Mediafax newswire.

“We expect, however, a positive GDP evolution”, he added. However, the IMF maintains its growth forecast so far of 1.5 percent for the whole year, based on the exceeded advance in the first quarter, according to the IMF official.

The International Monetary Fund Board on Monday approved the first review of the precautionary up deal with Romania and will make the second tranche available, worth around EUR 480 million, according to Mediafax.

In March, Romania and the IMF signed a EUR 5 billion loan agreement, successor to a larger EUR 20 billion bailout package that ended in April this year.

Irina Popescu, irina.popescu@romania-insider.com