Romanian Agriculture Ministry Gets Loan From Treasury For Direct Area Payments

Romania's Agriculture Ministry has been authorized by the Government to borrow 3.75 billion lei (EUR860 million) from the Treasury and use it on direct area payments to farmers.

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The loan will be repaid from reimbursements from the European Union, by the end of 2012.

By the end of March, the European Commission will compensate the equivalent of EUR1.009 billion spent on the direct area payment scheme.

The loan taken out by the Agriculture Ministry from the Treasury for such payments has grown over the last years, from RON1.4 billion in 2010, to RON3 billion in 2011 and RON3.75 billion in 2012. (EUR1=RON4.3627)

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