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Law No. 468 Of 4 November 2004

Original Language Title:  LEGE nr. 468 din 4 noiembrie 2004

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LEGE no. 468 468 of 4 November 2004 for the ratification of the precautionary stand-by arrangement between Romania and the International Monetary Fund, agreed in Bucharest and in Washington, by the Letter of the Prime Minister of Romania and of the National Bank of Romania of 22 June 2004 and the Decision Executive Council of the International Monetary Fund of 7 July 2004, of the Memorandum of Economic and Financial Policies for the period 2004-2006, as well as of the Technical Memorandum of Understanding
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 1.086 1.086 of 23 November 2004



The Romanian Parliament adopts this law + Article 1 The stand-by arrangement of preventive type with access to 250 million DST between Romania and the International Monetary Fund, agreed in Bucharest and in Washington, is ratified by the Letter of the Prime Minister of Romania and the National Bank of Romania of 22 June 2004 and Decision of the Executive Council of the International Monetary Fund of 7 July 2004, of the Memorandum of Economic and Financial Policies for the period 2004-2006, as well as of the Technical Memorandum of Understanding. + Article 2 If the external financing needs of Romania will impose such purchases, the equivalent in lei of the amount of DST 250 million shall be covered by the National Bank of Romania and shall be transferred, as received by the credit tranches, to the account International Monetary Fund opened at the National Bank of Romania. + Article 3 Reimbursement of the credit provided for in 2, the payment of interest and related commissions, as well as the differences in lei resulting from regularizations shall be borne by the National Bank of Romania. + Article 4 (1) The Romanian Government is authorized, through the Ministry of Public Finance and the National Bank of Romania, to introduce, in agreement with the International Monetary Fund, amendments to the text of the stand-by arrangement, which concern details that are not of a nature increase Romania's financial obligations to the International Monetary Fund. (2) The Romanian Government will periodically inform the Parliament about these amendments, within the framework of the report on the internal and external public debt of Romania. ((3) The inclusion of the value of the new stand-by arrangement in the external public debt ceiling shall be made only in the case of the use of the credit on the first use This law was adopted by the Romanian Parliament in compliance with art. 75 75 and art. 76 76 para. (2) of the Romanian Constitution, republished. CHAMBER OF DEPUTIES PRESIDENT VALER DORNEANU p. SENATE PRESIDENT, DORU IOAN TARACILA Bucharest, November 4, 2004. No. 468. ARRANGEMENT 22/06/2004 MEMORANDUM 22/06/2004 MEMORANDUM 22/06/2004