Romania president says ratifies latest review of IMF aid deal

Reuters News
Posted: Mar 05, 2014 11:31 AM

BUCHAREST (Reuters) - Romania's President Traian Basescu ratified the latest review of a 4 billion euro aid deal with the International Monetary Fund on Wednesday, ending a weeks-long standoff over an agreement seen as key to the country's economic credibility.

Basescu swiftly moved to clear the deal after Romania's ruling coalition collapsed last week, a crisis that sparked worries over the government's ability to push through a set of reforms that were agreed with the Fund.

These include a commitment by Prime Minister Victor Ponta's government to restructure or sell off inefficient state companies that are a legacy of Romania's communist past - a policy that could prove tough to implement in an election year.

(Reporting by Radu Marinas; editing by Matthias Williams)