The Romanian authorities set the parameters for a new financing agreement with the European Union and the International Monetary Fund (IMF), according to a release issued by the National Bank of Romania (BNR).

On Thursday, at the BNR headquarters, Romania's President Traian Basescu, together with Prime Minister Emil Boc and Minister of Finance Gheorghe Ialomitianu, had a working meeting with BNR Governor Mugur Isarescu and with members of the BNR executive management.

'During the meeting they examined the stage of the foreign financing agreements concluded with the European Union, the International Monetary Fund, the World Bank and other international financial institutions. They also set the parameters for a new precautionary financing agreement with the European Union and the International Monetary Fund,' reads the BNR release.

According to the central bank, in this context they emphasized the fact that, in order to resume the economic growth on a sound basis, it is essential to continue the fiscal consolidation and fiscal reforms so that the achievement of the medium-term targets should ensure a sustainable process of nominal and real convergence with the European Union.

A day ago President Traian Basescu was saying that he supported the conclusion of a new precautionary agreement between Romania and the International Monetary Fund, its major aim being the fiscal consolidation.