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IMF Votes Feb 19 Whether To Disburse EUR2.3B To Romania

The International Monetary Fund is to decide February 19 whether it will disburse Romania another EUR2.3 billion of a EUR13 billion two-year standby loan, according to the IMF executive board calendar.
IMF Votes Feb 19 Whether To Disburse EUR2.3B To Romania
12 feb. 2010, 12:47, English

The IMF board will discuss the latest assessment report on Romania’s progress under the loan agreement and vote on releasing two new aid tranches to the eastern European nation.

An IMF mission came to Romania January 20 for the second and third reviews under the standby arrangement.

Mission head Jeffrey Franks said at the time that Romania’s program with the IMF was broadly on track and he would recommend the board to disburse the next tranches.

Half of the EUR2.3 billion amount will go to the state budget, Franks said.

Romania and the IMF agreed last spring on a EUR13 billion stand-by loan, as part of a EUR20 billion package that also includes funds from the European Commission, the World Bank and other international lenders.

So far, Romania received roughly EUR7 billion from the IMF.

Joint teams from the IMF and EU are scheduled to visit Romania for a new review mission late April or early May.