The Letter of Intent (LoI) drafted upon the second quarterly review of Romania's stand-by deal with the IMF will not specify the car fuel excise tax hike and thus will be endorsed by President Traian Basescu , PM Victor Ponta announced as quoted by HotNews online news service. Still, the tax will rise by EUR 0.07 per litre as of April 1 , Ponta added. As a result of the LoI being drafted and signed by President Basescu, the Fund's board will reportedly discuss the deal with Romania in mid-March, when the first two quarterly reviews have to be endorsed. As we reported, the first quarterly review was blocked by Basescu's objection to the excise tax hike. The situation remains, however, slightly unclear since Basescu has not confirmed yet the latest developments. He advocated firmly against any excise tax hike – but he also advocated for a functioning agreement with the IMF.
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