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Romania, EC To Sign EUR5B Loan Agreement By Monday

Romania and the European Commission will sign by Monday the memorandum of understanding and the loan agreement on the EUR5 billion financial support, the Finance Ministry said Tuesday.
Romania, EC To Sign EUR5B Loan Agreement By Monday
16 iun. 2009, 20:14, English

EU’s Economic and Financial Affairs Council – ECOFIN – agreed early May to provide medium-term financial assistance to Romania, amounting to EUR5 billion.

The first tranche of the loan, worth of EUR1.5 billion, will be released early-July, while the second tranche, of about EUR1 billion, will be attracted by year-end.

Romania agreed end-March with the International Monetary Fund, the European Commission and other financial institutions a EUR19.95 billion economic program supported by a EUR12.95 billion loan under a two-year Stand-By Arrangement from the IMF.

The program was approved by the Executive Board of the IMF in May and the first tranche, worth of around EUR5 billion, was released upon approval.