A delegation from the International Monetary Fund led by Erik Vrijer (in picture, middle) will arrive tomorrow (November 6 )  for talks with the Romanian authorities on fiscal and monetary policy, developments made ​​in structural reforms and recent economic developments. The delegation is scheduled to stay in Romania until November 14.

In the sixth review of the Board Report IMF 2012 of the Stand-by Arrangement, the forecast for economic growth was revised down to 0.9 percent for the year. Predictions at the beginning of 2012 were for around 1.5 percent growth in GDP, but the estimates from various institutions have fallen over the course of the year.

IMF Board completed, at the end of September, the sixth review of the Standby Arrangement with Romania  and approved a new tranche of around EUR 519.2 million.

The current EUR 3.6 billion Standby Arrangement between Romania and the IMF began in March 2011. So far, the Romania has used the funds available as a precautionary credit line and hasn't drawn on them.

Ioana Toader, ioana.toader@romania-insider.com

(photo source: presidency.ro)