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IMF Loan To Rebuild Investors’ Trust – Romanian Fin Min

Romania’s agreement with the International Monetary Fund was approved by all members of the IMF’s Executive Board and will be sent to the Romanian authorities, and one of the loan effects would be rebuilding the investors’ confidence in the economy, Finance Minister Gheorghe Pogea said.
IMF Loan To Rebuild Investors’ Trust - Romanian Fin Min
05 mai 2009, 08:44, English

Pogea is in Brussels, where it takes part in ECOFIN meeting, of the European Union member states’ finance ministers, which will also discuss the loan to Romania.

The Executive Board of the IMF approved Monday a two-year EUR12.9 billion stand-by arrangement for Romania to support an economic program designed by the Romanian authorities.

The approval makes EUR4.9 billion immediately available and the remainder will be available in installments subject to quarterly reviews, IMF said.

The total international financial support package will amount to EUR19.9 billion, with the European Union providing EUR5 billion, the World Bank EUR1 billion, and the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the International Finance Corporation (IFC) a combined EUR1 billion.