Romanian Govt OKs Budget Revision, Lump Sum Tax And Wage Bonus Cap

The acts will be sent for analysis to the European Commission and the International Monetary Fund (IMF) in view of completing the loan agreement through which Romania gets EUR19.95 billion support that will hopefully help the country’s economy recover.

 

Romania will borrow EUR12.95 billion from IMF under a two-year standby agreement, and another EUR5 billion from the E.U.

 

The program will be discussed by IMF’s Executive Board in Washington, and Romania would be able to draw the first tranche, worth of EUR5 billion upon Board approval.

 

The first tranche of the EU loan is expected in June, after the European Commission and the European Council approve the agreement.