"We are currently discussing with the colleagues from the European Union to develop strategies. The situation is very hard," said Franks. He added there is a substantial amount of money that can be accessed for free to continue/develop projects and that technical support is needed to develop this project. The money has to be sponged on time or else Romania will not have the right to access it. As to a precautionary agreement between IMF and Romania, Franks said discussions with the local authorities on this topic did not begin yet.
The Fund began its fifth evaluation mission within the stand-by agreement on Monday following which Romania should receive the sixth installment worth 900 million euros. IMF is evaluation the evolution of the economy in the second trimester. The visit will end on August 4.
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