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Romania: Bonds Are Paid, the IMF Is Back, but Key Challenges Remain Aug 99
Standard & Poors, August 1999
Once again Romania (local currency B/Negative/C; foreign currency B-/Negative/C) has won a standby agreement with the IMF?the fifth post-communist era IMF standby loan. All four previous IMF agreements were abandoned with only part of the funds disbursed as past governments aborted their stabilization attempts and left structural reforms incomplete. The government's renewed reform commitment and some reform progress have swung the balance toward a conclusion. The Fund had postponed a decision on granting new loans to Romania for several months, pending the government's efforts to raise private finance and to move on bank restructuring?the latter in particular has made progress with the near-complete shutdown and absorption of the troubled state bank Bancorex into Romanian Commercial Bank. The eight-month stand-by credit...
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