Romania Ctrl Bk Not To Access New IMF Cash Unless Reserves Depleted

Romania will not draw any funds from its new loan agreement with the International Monetary Fund and the EU unless the region faces a major crisis and the central bank has to dig into its reserves to protect the leu from speculative attacks, central bank governor Mugur Isarescu said Monday.

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“The IMF money will be drawn only if there’s a major situation, such as an attack on the national currency triggered by a regional crisis, which could lead to a massive loss of cash reserves and trust,” Isarescu told a news conference.

Another event that may prompt Romania to access the IMF funds would be for the Treasury to fail borrowing money at reasonable costs, he added.

Early 2009, Romania secured a EUR20 billion aid package from the International Monetary Fund, the European Commission and other international lenders to cushion the effects of the recession.

On Sunday, Romanian President Traian Basescu announced the country has agreed on a follow-up EUR5 billion deal with the IMF and the EU.

The agreement will be signed for a period of two years and Romania will not access the funds unless need arises, Basescu said.

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