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Romania’s New Deal With EU Could Kick Off May 1

Romania’s follow-up agreement with the European Commission might take effect on May 1, pending approval from the authorities in Brussels, a Commission official said Tuesday.
Romania's New Deal With EU Could Kick Off May 1
Oana Gavrila
08 feb. 2011, 11:40, English

„If approved, the program will start as of May 1,” said Istvan Szekely, country director for Romania with the Commission.

Szekely said Romania has fulfilled the requirements set under a EUR5 billion balance-of-payment assistance program signed in 2009 and the Commission will disburse the final installment of the loan, worth EUR150 million.

Joint teams from the International Monetary Fund, the EU and the World Bank on Tuesday have concluded a two-week review assessment regarding Romania’s progress under a EUR20 billion financial support program.

The authorities in Bucharest and the international partners have agreed on a EUR5 billion follow-up precautionary deal.

Under the new agreement, Romania will be able to access EUR3.6 billion from the IMF and another EUR1.4 billion from the EU.