New IMF negotiator for Romania

Belgian-born Emanuel van der Mensbrugghe is the new International Monetary Fund Negotiator for Romania. He replaces Croatian Neven Mates, who has ended his four-year term. Van der Mensbrugghe, who has previous experience with Ukraine and Latvia, is due to arrive for his first official visit to Bucharest on July 19. In the meantime, the IMF Executive Board’s agenda today includes consultations on the Romanian authorities’ request for a new stand-by agreement, this time in the form of a precautionary arrangement. They will also be considering the assessment report drawn up by a team of IMF experts, commenting on the overall macroeconomic outlook. A detailed analysis performed in April allowed the IMF’s Board to conclude there was sufficient justification for a new agreement in spite of the acknowledged inefficiency of the programmes conducted in the 90’s, especially in terms of structural reform. ZF