Romania Govt Formally Accepts EUR2.45B Disbursement From IMF

The IMF on Friday approved the disbursement after completing new reviews of the Romania’s performance under a EUR13 billion standby agreement.

The money will be transferred to Romania later today, Finance Minister Sebastian Vladescu said at the end of a government meeting.

Half the amount will go to the state budget, while the other half will be deposited at the central bank.

Romania and the IMF agreed last spring on the 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.

The multilateral aid assistance offers Romania, among others, better loan interests, and reduces the country’s financing needs, giving the private sector more room for development, Vladescu said.

„Therefore, (the loan package) is one of the main support measures for Romanian economy during this time of crisis,” he added.