Press Release No. 10/259

Press Release: Statement by IMF Mission Chief for Romania on the Ruling of the Constitutional Court

June 25, 2010

Mr. Jeffrey Franks, the International Monetary Fund (IMF) mission chief for Romania, issued the following statement today:

“The Fund is assessing the impact of the Constitutional Court’s ruling on fiscal measures proposed by the government. The affected measures were an important part of the modifications to the program that is being supported by a Stand-By Arrangement.

"Pending the identification of alternative measures, the Board meeting on the Fourth Review of the Stand-By Arrangement scheduled for Monday, June 28 has been postponed.

"Discussions on alternative measures are already well advanced and we are confident that we will be able to bring the review to the Fund’s Executive Board very soon.”