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Romania Needs EUR20B To Finance Deficit In May – Social Democrat Leader

Romanian social democrat leader Mircea Geoana said Wednesday evening on B1TV that Romania would need around EUR20 billion in May, to finance the deficit, adding that a loan of some EUR7 billion from the International Monetary Fund would not be excluded.
Romania Needs EUR20B To Finance Deficit In May - Social Democrat Leader
29 ian. 2009, 10:28, English

"We need a loan of at least EUR6 billion-EUR7 billion. Possibly from the IMF. Those who stated we wouldn’t need the IMF made hasty statements (…)," Geoana said.

Geoana added that loans are currently hard to get, so that the only solution would be to get them from international financial institutions.

The social democrat leader also said he expects the government to find solutions to stimulate the economy and for social protection.

Romanian President Traian Basescu saied Tuesday he does not agree with an IMF loan, as Romania “can get cheaper EU money”, adding that he announced the European Commission that Romania plans to take a EUR6-7 billion loan from the EU, under IMF supervision.

“We need a supervision agreement with the IMF,” he said, adding that the EU does not have a monitoring system to watch how the borrowed funds are used.

The International Monetary Fund mission in Romania held Tuesday talks with Finance Ministry representatives.