Romania Secures EUR5B Two-Year Precautionary Deal With IMF, EU, World Bank

Romania has agreed on a fresh two-year agreement with the International Monetary Fund, European Union and the World Bank, President Traian Basescu said Sunday evening.

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The new agreement is for EUR5 billion, EUR3.6 billion from the IMF and EUR1.4 billion, and Romania will only draw on the money if needed.

"The new agreement is precautionary," Basescu said, adding the country needed this fresh agreement to consolidate its macroeconomic indicators.

Basescu assured Romania will continue reforms in education and healthcare and will implement the new pension and wage laws.

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