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Romania May Get New IMF Tranche In March – ING

Romania might receive a new EUR1.5 billion tranche of its EUR23 billion loan from the International Monetary Fund in March next year, should a functioning government be in place by year-end, ING analysts said Tuesday.
Romania May Get New IMF Tranche In March - ING
15 dec. 2009, 12:14, English

The confirmation of the presidential elections will have a positive effect on the financial markets in Romania and on the domestic currency, including possible lower interests, analysts said.

Romania’s interim Finance Minister Gheorghe Pogea said Monday that Romania still has chances to get the new loan tranche from the IMF in January.

However, he said the new government must endorse the 2010 budget – which is a prerequisite to get the installment.

Romania, hit hard by the global economic crisis, relies heavily on a EUR20 billion IMF-led loan package obtained in the spring.

So far, the country has received around EUR7 billion from the IMF in two installments and was scheduled to get another EUR1.5 billion in December.

But the IMF and the EU delayed new disbursements until Romania has a proper government in place.

A team of IMF experts will be in Bucharest until December 16 to hold technical talks on the country’s draft budget for 2010.