Romania, EC To Sign EUR5B Loan Agreement By Monday

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.