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Romania: IMF Drawing Expected To Be Approved

Bucharest, 3 September 1997 (RFE/RL) - The IMF's resident representative in Bucharest, John Hill, says he expects Romania's next drawing of around $83 million from its stand-by loan will be approved by the IMF board later this month.

An International Monetary Fund team was in the Romanian capital for most of August, conducting the first review of the 13-month loan totaling about $414 million approved in April.

Hill told Bloomberg Financial News that Romania had followed through on the reforms agreed to get the loan and that he assumes the second tranche "will go on fine."

Under the program, Romania has cut its budget deficit, begun reducing inflation and liberalized prices for staples and energy. In August, the government also agreed to close a number of money-losing state companies and further reduce budget outlays this year.