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The Government to approve Romania's withdrawal from International Bank of Economic Co-operation and International Investment Bank

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The Government is set to approve, on Wednesday, a normative act based on which it will take the necessary steps for Romania's withdrawal from the International Bank for Economic Co-operation.

The draft law pending approval concerns the denunciation of the Agreement concerning Multilateral Settlements in Transferable Roubles and the organization of the International Bank for Economic Co-operation, concluded in Moscow on October 22, 1963, and the Protocol signed in Moscow on December 18, 1990, modifying the Agreement concerning Multilateral Settlements in Transferable Roubles and the organization of the International Bank for Economic Co-operation, as well as the Statute of this bank.

"The Government of Romania will send the official notification of denunciation of the IBEC Agreement and of withdrawal from the bank's shareholding. The withdrawal shall become effective after six months since the notification is being submitted, according to the provisions of article 9 of the IBEC Agreement. Romania will coordinate with Poland, the Czech Republic, Slovakia and Bulgaria in order to ensure a simultaneous exit from the IBEC, and to establish similar ways of exit, which will ensure adequate protection of the interests of the withdrawing Member States," reads the explanatory memorandum attached to the draft law.

Also on Wednesday, the Government will adopt a bill to denounce the Intergovernmental Agreement on the Establishment of the International Investment Bank and its Statute, signed in Moscow on July 10, 1970, and the Protocol modifying the Agreement on the Establishment of the International Investment Bank, signed on 10 July, 1970, in Moscow, opened for signature on May 8, 2014, in Havana, and signed by Romania on July 1, 2015, in Moscow.

Based on this draft, the Romanian Government will take the necessary steps to withdraw Romania from the International Investment Bank.

AGERPRES

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