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Romania Gets IMF Agreement In Principle On EUR13B Loan – PM

Romanian Government received from the International Monetary Fund the agreement in principle for the EUR12.95 billion stand-by loan, Prime Minister Emil Boc said Thursday.
Romania Gets IMF Agreement In Principle On EUR13B Loan - PM
09 apr. 2009, 19:55, English

The final form of the letter of intent will be approved by the government by mid-April, and it is to be approved by the IMF Board on May 4 or 5, Boc also said.
 
Romania agreed two weeks ago with the IMF, the European Union and other international institutions a EUR19.95 billion financial package, supported by a EUR12.95 IMF loan under a two-year stand-by arrangement.
 
The program will be discussed by IMF’s Executive Board in Washington, and Romania would be able to draw the first tranche, worth of EUR5 billion upon Board approval.
 
The first tranche of the EU loan, which totals EUR5 billion, is expected in June, after the agreement is approved by the European Commission and the European Council.