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Romanian Govt Might Approve Letter Of Intent To IMF Next Week

Romania's Government plans to convene a meeting for the beginning of next week, to approve the final draft of the letter of intent agreed upon with the International Monetary Fund, European Commission and World Bank in this summer's evaluation mission, people close to the matter told MEDIAFAX.
Romanian Govt Might Approve Letter Of Intent To IMF Next Week
Mediafaxfoto - MediafaxRadu Bostan
07 sept. 2011, 21:12, English

Joint teams from the IMF, European Commission and World Bank visited Romania between July 20 and August 1 for the second review of a EUR5 billion precautionary loan arrangement.

In March, Romania and the IMF signed a EUR5 billion loan agreement, successor to a larger EUR20 billion bailout package that ended in April this year. Under the new deal, the IMF will disburse Romania EUR3.5 billion, while the EU and the World Bank contribute with EUR1.4 billion and EUR400 million, respectively. However, Romania will access the funds only in case of economic distress.