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Romania Contemplates EUR6B Follow-Up Agreement With IMF – Sources

Romanian authorities consider signing a precautionary agreement with the International Monetary Fund worth between EUR5 billion and EUR6 billion, but the exact amount will not be set until March next year, people familiar with the matter said Monday.
Romania Contemplates EUR6B Follow-Up Agreement With IMF - Sources
Oana Gavrila
21 dec. 2010, 06:23, English

The agreement will become active once Romania’s current EUR13 billion deal with the IMF ends in April 2011, the mentioned sources told MEDIAFAX.

They said the follow-up loan could reach up to EUR8 billion, depending on the country’s borrowing needs for 2011.

Last year, Romania and the IMF signed a EUR13 billion loan agreement, part of a larger EUR20 billion package that includes funds from the EU, the World Bank and other lenders.

The terms of the follow-up loan agreement will be discussed at the fund’s next review mission to Bucharest in 2011, according to IMF officials.