Romania Agrees EUR12.95B 2-Yr IMF Standby Loan, Total Package At EUR19.95B

The total value of the financial package that includes loans from the E.U., the World Bank and other financial institutions is at EUR19.95 billion.

IMF’s Executive Board is expected to meet to discuss the program in the coming weeks, IMF said. Romania would be able to draw EUR5 billion upon Board approval.

The EU stands ready to provide a loan of EUR5 billion, following approval by the European Commission and the European Council; and the World Bank has agreed to provide EUR1 billion (about US$1.35 billion), subject to approval from its Executive Board.

Support from the European Bank for Reconstruction and Development (EBRD) and other multilaterals provide an additional EUR1 billion (about US$1.35 billion), according to IMF’s press release.