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Romania: IMF Mission In Bucharest Reviewing Situation

Washington, 6 December 1996 (RFE/RL) - A delegation from the International Monetary Fund (IMF) is in Bucharest for a series of meetings to get acquainted with the new Romanian authorities and to review the country's status with the fund.

A spokeswoman at IMF headquarters in Washington says the mission will review the new government's economic and financial plans and the reasons the fund suspended Romania's stand-by loan earlier this year. They will also review Romania's current economic situation.

The office of Romanian President Emil Constantinescu says he is hopeful they will eventually be able to renegotiate the stand-by program and restore the loan. Constantinescu is quoted as telling reporters: "The financial legacy left by the previous government is very serious and this is how international lenders view it as well."

Romania had drawn about $132 million worth of a loan totaling around $449 million when the IMF suspended the program over a number of serious economic difficulties in Romania, including the suspension of the right of most banks to deal in foreign currencies.

Constantinescu spoke after meeting in Bucharest today with the head of the IMF delegation.