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Romania To Use Any Future Intl Loans For Investments Only – PM

Any future loan Romania might take will be used to fund investments and development projects only and money going into consumption will come from the country’s own economy, Prime Minister Emil Boc said Friday.
Romania To Use Any Future Intl Loans For Investments Only – PM
06 aug. 2010, 12:02, English

„The country will enjoy the results of these years’ hard work in the future, when we have a sustainable budget and any future loan the country takes will go to investments only,” Boc said during a signing ceremony of financing contracts for local small and medium-sized businesses.

Romania’s representative to the International Monetary Fund, Mihai Tanasescu, told MEDIAFAX Saturday Romania could start talks for a new loan agreement with the IMF and European Commission in October. The country’s finance minister later said the Government is neither considering nor excluding the possibility of talks on a new agreement, adding the potential need for a new agreement would be analyzed at the end of the year.

IMF mission head Jeffrey Franks said Wednesday Romania should not rush in to make a decision regarding a new agreement with the IMF as the opportunity of a new accord can’t be assessed without the economic figures for the next six months.

„A decision would be premature at the moment,” Franks said.

Romania and the IMF last year signed a EUR13 billion loan agreement, part of a larger EUR20 billion aid package that includes funds from the EU and other international lenders.