Romanian President Traian Basescu on Monday evening announced his decision of not approving the memorandum referring to the negotiations with the International Monetary Fund (IMF), the World Bank and the European Commission. "I decided not to approve this memorandum," stressed the president in a statement held at the Cotroceni Presidential Palace, explaining that he did not agree with the increase in the excise on fuels. According to him, the memorandum refers, on its third page, certain obligations assumed by the government, among which the increase in the excise for fuels. "I will not assume this measure that I believe it reduced out chances to re-launch the economy," stressed Basescu, reiterating that the government needs to give up the plans to hike the excise duty for fuels. He claimed that the measure "against the national interests" and "hinder economic recovery." The president said he had informed the IMF about his position on the issue. "In Washington, they know my position on the excise," he added. "The IMF delegation comes back in January, this point can be renegotiated," Basescu said. The government last month agreed with the IMF to implement a new excise of 7 euro cents per liter applied to fuel price, intended to raise money for a fund to finance the development of roads and highways. Thus, fuel could be more expensive, by about 7 percent.