European Union Disburses EUR1.2B To Romania

"The disbursement to Romania follows a positive assessment by the Commission of the implementation by the Romanian authorities of the conditions agreed in the third supplemental memorandum of understanding," the statement noted.

Last week, the European Union sold EUR4.6 billion in seven-year bonds for loans to Ireland and Romania.

In 2009, Romania and the International Monetary Fund signed a EUR13 billion two-year standby agreement, part of a EUR20 billion financial package that includes funds from the EU, the World Bank and other lenders.

So far, Romania has received EUR11.3 billion in IMF money and another EUR4.85 billion from the EU.

The authorities in Bucharest announced plans to enter a EUR5 billion follow-up agreement with the IMF and the EU after the existing one ends at the end of April.

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