IMF announced that it was negotiating a new agreement with Romania and that they'd give additional loans in return for implementing economic reforms.
[9] The Romanian authorities began a very tough austerity program, which gained the approval of IMF, releasing the second tranche of the loan on 24 June 1982.
According to Mugur Isărescu, Ceaușescu wanted to take the country out of the IMF, but he did not act out of the fear that he might lose the gold deposited at the organization.
[14] Romania signed an agreement with the IMF in March 1991, getting $1 billion in aid on the condition of beginning free market reforms, including abolishing foreign exchange restrictions.
[17] The government broke the terms of the agreement in order to prevent a collapse of the entire economy, forcing the National Bank to take over debts from state-owned companies.
[17] The IMF canceled the stand-by agreement and recommended the National Bank to force the companies' to pay their credits before maturation, thereby neutralizing much of the effects of the government's program.
In exchange for this loans, Romania agreed to take austerity measures resulting in higher food and fuel prices.
[21] Due to these divergences, both the 1993 and the 1995 agreements with the IMF failed, the Fund arguing that the state violated the independence of the central bank by demanding lower interest rates.