Romanian President Traian Basescu announced on Wednesday (March 5) that he approved the memorandum for signing the intent letter with the International Monetary Fund IMF.

“As I informed the Prime Minister during the discussion today, I also approved the memorandum for signing the letter with the IMF,” said the President.

“I hope that this agreement with the fund, which is basically a government program, to be met for the good of Romania. Even if some measures are not the most pleasant, I am convinced that they will increase Romania’s competitiveness, and I think this is where Romania has the biggest problem, in increasing competitiveness, especially in state companies,” added Basescu.

He previously refused to sign the memorandum of understanding with the IMF, arguing against fuel excise increases.

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

(photo source: presidency.ro)