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First Tranche Of EU Loan To Romania Has 3.125% Annual Interest, Matures In 2015

The first tranche, worth EUR1.5 billion, from the total EUR5 billion loan taken by Romania from the European Union has an annual interest of 3.125% and matures in 2015.
First Tranche Of EU Loan To Romania Has 3.125% Annual Interest, Matures In 2015
28 iul. 2009, 13:21, English

“The European Community bonds issued on 15 July to finance the two installments to Latvia and Romania bear a coupon of 3.125% and mature in 2015. The operation is called a back-to-back loan because it is given under exactly the same terms (interest rate and maturity) as obtained by the EC,” the Commission said in a press release.

The amount entered the accounts of the Finance Ministry on Monday.

The European Commission announced it paid “a first installment of EUR1.5 billion to Romania, part of a Balance of Payment loan agreed by the EU (…) to back the implementation of fiscal, financial and structural adjustment programs turned necessary by the global economic crisis”.

Romania agreed with the International Monetary Fund, the EC and other international institutions a EUR19.95 billion financial package, supported by a EUR12.95 billion two-year stand-by loan from the IMF.