financial package

The World Bank is prepared to work closely with the Romanian Government over the next two years to implement a package of measures that will limit the severity of the recession and its impact on the vulnerable, the lender said in a statement Wednesday.

Moody's Investors Service expects Romania to obtain extraordinary financial assistance from the European Union and the International Monetary Fund to ease the adjustment as its economy deteriorates, with a total support package of more than EUR20 billion over two years.

European Commission's financing for Romania will be a "back-to-back" loan and will be given in tranches, if all conditions set up with Romanian authorities are observed, Amelia Torres, the spokesperson of EU Monetary Affairs Commissioner Joaquin Almunia, stated Wednesday.

The Romanian Government intends to borrow EUR19 billion from the European Commission and the International Monetary Fund, following an evaluation made by the Finance Ministry and the central bank, government sources told MEDIAFAX.