Romania does not need another loan from IMF, official deems

“My message is clear, we do not need another loan from IMF and I exclude this possibility as Romania proved its capacity of borrowing money from the internal and external markets,” said Tanasescu, adding the authorities should cooperate constantly with the financial institutions. “A partnership with the European Commission and IMF is an additional anchor of implementing the reforms Romania needs,” he explained.

The official also mentioned a new agreement with the Fund would take into account Romania's needs, of accelerating structural reforms and improving absorption of European funds, and added the local economy will step on positive territory in 2011 and that the country will be capable of paying its debts on time.

President Traian Basescu declared Monday at a meeting with the head of the IMF mission in Romania, Jeffrey Franks, that the authorities should analyze at the next evaluation mission in October if the right solution is to extend the agreement with the Fund or to continue with a precautionary accord.