Romanian Fin Min Notifies Coalition Upon Receiving EUR1.5B From EC

"Minister Gheorghe Pogea notified us that today we received the first tranche from the European Commission worth almost EUR1.5 billion and most certainly the answer at the question about «the five billion euros coming from the International Monetary Fund », there are money are goining to the National Bank of Romania, as our colleagues, partners of the coalition knew," according to Flutur.

The Social Democratic Party, or PSD, asked the Democrat Liberals, or PDL, and Pogea to explain how the first loan tranche worth EUR5 billion from the IMF as well as the tranches from the EC and the European banks were used, what are the results of using the funds and what will Romania do with the EUR2 billion of the second tranche.

PSD spokesperson Bogdan Niculescu Duvaz said Sunday in a press statement that an IMF delegation will conclude this week its evaluations based on which it will release the second EUR2 billion loan tranche.

Duvaz added that PSD put various conditions upon undertaking the foreign loan and aims to know whether these conditions are met in principle and whether the loan will bring about positive effects.

Romania and the IMF signed in May a EUR12.95 billion two-year stand-by 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.

The Commission’s loan amount to EUR5 billion.