Romanian state-owned company floatation can replace agreement with IMF

By selling the significant stakes it still holds in its companies on the stock market, the state can plug the holes in its budget and also offset the domestic currency depreciation trend, thus avoiding a new loan from the IMF.
The recent experience of the floatation of a petroleum giant in an emerging country, Brazil's Petrobras, reveals that a public offering can generate, besides money to the budget, an appreciation of the exchange rate. The Brazilian state sold 70 billion dollars' worth of Petrobras shares and while the offering was still standing, the country's currency significantly appreciated, because of the high demand from foreign investors, making the central bank buy foreign currency to balance the exchange rate.
 

news source: ZF English link: article