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EU To Disburse EUR1B Loan Tranche To Romania In March

The European Commission mission to Bucharest said the second and the third review of Romania's financial aid are broadly positive, and the EU will release the second installment worth EUR1 billion in March.
EU To Disburse EUR1B Loan Tranche To Romania In March
27 ian. 2010, 11:21, English

The fiscal tensions in Romania have diminished and the government is now able to finance the budget at lower costs, EU representative Fabienne Ilzkovitz told a news conference in Bucharest Wednesday.

Ilzkovitz said the worse for Romania seems to have passed and the perspectives are positive, but that it is crucial the authorities carry on with reforms.

She said Romania’s fiscal and structural reforms included in the loan package are broadly on track and that the Parliament needs to pass the unitary wage and pension bills, as well as the bill on fiscal responsibility.

Romania obtained EUR5 billion from the European Commission last year, as part of a larger EUR20 billion bailout package that includes funds from the International Monetary Fund, the World Bank and other foreign lenders.

The Commission disbursed so far EUR1.5 billion to Romania and was set to release another EUR1 billion late last year. However, the tranche was put on hold due to political instability, following the collapse of the Romanian government in October 2009.