IMF Approves EUR480M Disbursement To Romania

„The vote was unanimous,” Romania’s representative to the IMF, Mihai Tanasescu told MEDIAFAX.

In March, Romania and the IMF signed a two-year precautionary loan agreement, successor to a EUR20 billion bailout package received during 2009-2011. The new deal also includes EUR1.4 billion financing from the European Union and a EUR400 loan from the World Bank.

So far, the IMF approved total financing to Romania worth over EUR1 billion under the new arrangement, but the authorities in Bucharest have not drawn any funds.