Romania will fail to conclude a new IMF agreement before 2016 elections

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Romania will not manage to conclude a new agreement with the International Monetary Fund (IMF) ahead of next year elections as desired by the authorities, given the history of Fund’s poor evaluations and increase of the budget deficit next year, ING Bank Romania said in a note to economists and investors.

The Finance Ministry started on Tuesday the talks with the IMF delegation on the 2016 state budget.

Finance Minister Eugen Teodorovici has said that new agreement might be also discussed. Romania’s agreement with the IMF, blocked in June last year, expired on September 26.

In early September, Finance Minister Eugen Teodorovici said that Romania intends to start talks with international lenders about a new agreement as of this year, so that it enters into force in 2016. In his view, the agreement is necessary for Romania to protect its finances against market shocks.

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