Romania Won’t Draw Last EUR1B From IMF Loan –President

Romania won’t draw the last tranche from a EUR13 billion loan from the IMF, due to positive economic developments, President Traian Basescu said Sunday evening, adding the country will draw the last tranche of its loan from the EU.

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Basescu said Romania has decided not to draw the last tranche from the IMF, worth about EUR1 billion, as it is no longer required.

"Considering the macroeconomic situation, Romania's won't draw the last tranche from the Fund, which is no longer necessary. This is about EUR1 billion that we will no longer draw as the central bank's reserve is sufficient and the banking system is stable," Basescu said.

The president added Romania will draw the last tranche of the loan from the EU to cover its budget deficit.

A joint review mission of the IMF and EU is in Bucharest until February 8, to evaluate Romania's compliance with the terms of a EUR20 billion stand-by loan led by the IMF, agreed in spring 2009. The delegation met Saturday evening for talks with the head of state.

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