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Romania’s New Deal With IMF To Include EU Funds

Romania’s potential new financing agreement with the International Monetary Fund will also include a loan accord with the European Commission, similar to the one signed in 2009, Romanian representative to the IMF, Mihai Tanasescu, said Thursday.
Romania’s New Deal With IMF To Include EU Funds
Adelina Dragomir
21 oct. 2010, 17:19, English

„If we sign this agreement together with the Commission, which I believe we will, than it will undoubtedly include a financing package from the Commission, similar to the current one,” Tanasescu said.

He said Romania and its international partners are yet to establish the value of the new financing package, but stressed the new agreement with the IMF would be a precautionary loan. Its value will be less than EUR13 billion, Tanasescu added.

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

An IMF team arrived in Bucharest October 20 to review Romania’s progress under the agreement and decide on the disbursement of a new loan tranche to the east European country.

So far, Romania received around EUR11.27 billion in IMF money and another EUR3.65 billion from the EU.

Romanian President Traian Basescu said recently that the country plans to enter a new loan agreement with the fund after the current one will end in May 2011.