IMF Approves EUR900M Disbursement For Romania

The funds will be transferred to Romania most likely on September 27, said Mihai Tanasescu, Romania’s representative to the IMF.

An IMF mission visited Romania between July 26 and August 4 for the fifth review under the standby arrangement.

Following the mission, the IMF revised downward its forecast on Romanian economic decline to 1.9%, from around 0.5% previously.

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

So far, Romania has received EUR10.7 billion in IMF money and another EUR3.65 billion from the Commission.

Joint teams from the IMF and EU are scheduled to visit the country for a new review mission on October 20, Tanasescu said.