EU Disburses EUR1B Loan Tranche To Romania

„I am happy to report that Romania has complied with the policy conditions for the second EU disbursement,” Economic and Monetary Affairs Commissioner Olli Rehn said in a statement.

„Progress made towards fiscal consolidation needs to be accompanied by structural policy reforms, including the adoption and implementation of the fiscal responsibility law and the revised pension legislation.”

In March 2009, Romania obtained EUR20 billion in aid from the International Monetary Fund, the EU and other foreign lenders to cushion the effects of the recession. So far, the eastern European country received around EUR9.3 billion from the IMF and EUR2.5 million from the EU.

„The financial assistance by the EU, the IMF and other international financial institutions has helped Romania overcome the worst of the economic and financial crisis,” Rehn said.

Future installments from the Commission are conditioned by Romania’s ability to fulfill a series of terms set under the loan agreement, according to the statement.

Joint teams from IMF and EU are scheduled to visit Romania late April or early May for a new assessment of the country’s performance.