The Romanian Prime Minister Victor Ponta has announced that negotiations with the International Monetary Fund (IMF), the European Commission and the World Bank on the country’s budget and priorities for 2014 have ended well.

“Firstly, we have set a budget deficit of 2.2 percent of the gross domestic product (GDP) for 2014,” said the Romanian PM, adding that the country’s economy is also expected to grow 2.2 percent next year.

An IMF mission is currently in Bucharest to discuss the first review of the fund’s stand-by arrangement with Romania, which was approved in September.

The delegation’s visit, together with teams from the European Commission and the World Bank, ends today (November 5).

The new stand-by arrangement approved by the Executive Board of the IMF has a value of EUR 1.98 billion.

The Romanian authorities plan to treat the new agreement as precautionary, and not draw any money on it.

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

(photo source: Gov.ro)