Romanian Lower Chamber Ratifies IMF Letter Of Intent Signed In June

The Romanian Chamber of Deputies Tuesday adopted with 103 votes in favor, 80 votes against and five abstentions the draft law ratifying the Government's letter of intent to the International Monetary Fund, signed in June 2010.

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The draft law will be forwarded to the Senate, which has the final say on the matter.

An IMF mission is currently in Bucharest to review Romania's progress under a stand-by arrangement, which was approved in May 2009. The IMF loan is part of a larger financial package that also includes funds from the European Commission, the World Bank and other international lenders.

Romania received so far around EUR11.5 billion in IMF money and EUR3.6 billion from the EU. According to the terms of the IMF deal, the country should receive mid-December the seventh installment worth some EUR870 million.

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