Romania Might Use IMF Money To Cover Budget Gap – Official

The European Commission and the World Bank are also expected to chip in, said Jeffrey Franks, head of the IMF mission to Romania.

Romania and the IMF signed in May a EUR12.95 billion two-year standby arrangement, as part of a EUR19.95 billion financial support package that also includes funds from the European Commission, the World Bank, and the European Bank for Reconstruction and Development.

Romania has already received a first tranche of EUR5 billion from the IMF, while the next two installments, or EUR1.9 billion and EUR1.5 billion, are due for September and December, respectively.

The IMF has agreed to allow Romania a higher budget deficit of 7.3% this year, on worsening economic conditions. The initial deficit cap agreed upon was of 4.6%.