Prima pagină » English » Romania To Get 1st Tranche Of EC Loan End-June

Romania To Get 1st Tranche Of EC Loan End-June

Romania will receive the first tranche worth of EUR1.5 billion from the EUR5 billion loan granted by the European Commission by the end of June or early-July, Finance Ministry secretary of state Gheorghe Gherghina said Wednesday.
Romania To Get 1st Tranche Of EC Loan End-June
29 apr. 2009, 19:49, English

Gherghina also said all the funds Romania will get from the EC and the World Bank are aimed at financing the budget deficit, namely the state treasuries issued by the Finance Ministry to cover the deficit.
 
Asked about the percentage of the money aimed for salaries this year, the finance minister Gheorghe Pogea simply said “Nothing.”
 
Romania agreed end-March with the IMF, the European Commission and other international institutions a EUR19.95 billion financial package, supported by a EUR12.95 billion IMF loan under a two-year standby arrangement.
 
The European Commission agreed last Tuesday to propose the European Council to provide medium-term financial assistance to Romania of up to EUR5 billion, as part of the multilateral package.
 
The proposal is expected to be on the agenda of the next meeting of the EU finance ministers on May 5.