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Government to approve Romania's withdrawal from IBEC and IIB

Guvern

The Government will approve during Wednesday's session a normative act based on which the Executive will carry out the necessary actions for Romania's withdrawal from the International Bank for Economic Co-operation (IBEC).

The draft, which is subject for approval, is the one regarding the denunciation of the Convention regarding multilateral settlements in transferable rubles and organizing the International Bank for Economic Co-operation, concluded in Moscow, on October 22, 1963 and the Protocol signed in Moscow on December 18, 1990, for amending the Convention regarding multilateral settlements and organizing the International Bank for Economic Co-operation, as well as this bank's status.

"The Romanian Government will send the official notification for terminating the IBEC Convention and withdrawing from the bank's shareholding. Withdrawing from the IBEC shareholding will be made at least 6 months since the notification, according to the provisions of article IX from the IBEC Convention. Coordination with Poland, Czech Republic, Slovakia and Bulgaria will be monitored, with the purpose of a simultaneous exit from IBEC and establishing similar ways of exiting, which will ensure an adequate protection of the interests of member states that are withdrawing," according to the draft's Explanatory Memorandum.

Also on Wednesday, the Government will adopt a draft for terminating the inter-governmental agreement in regards to establishing the International Investment Bank (IIB) and its status, signed in Moscow on July 10, 1970, as well as the Protocol for amending the agreement for establishing the International Investment Bank and its status, signed on July 10, 1970, in Moscow, open for signature on May 8, 2014, in Havana and signed by Romania on July 1, 2015, in Moscow.

Based on this draft, Romania's Government will carry out the necessary actions for Romania's withdrawal from the International Investment Bank.AGERPRES

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