IMF, EU to conduct new assessment mission in Romania

(BUCHAREST) - The International Monetary Fund and the European Union will review economic reforms in Romania during a new audit, from April 24 to May 7, the IMF said on Thursday.

"A mission from the International Monetary Fund (IMF), headed by Jeffrey Franks, will visit Bucharest from April 24 to May 7, 2012, to conduct the fifth review of Romania's Stand-By Arrangement", the IMF office in Bucharest said in a press release.

The head of the mission Jeffrey Franks will be accompanied by his successor Erik de Vrijer, the IMF said.

At the end of their previous review, in February, EU and IMF representatives trimmed Romania's 2012 growth forecast to 1.5-2.0 percent, owing to international economic turbulence.

Franks had called on authorities to continue prudent fiscal policies.

"With the upcoming elections and the economic growth slowdown, it is essential to maintain the course of reforms.", Franks stressed.

In March 2011, the IMF and the EU had agreed to provide Romania with a fresh credit line of five billion euros ($6.8 billion dollars) to be drawn only in case of emergency.

Two years earlier, Romania had obtained a 20-billion-euro rescue package from the IMF, the EU and the World Bank which helped it emerge from recession.