tranche

The public sector wage law, approving the 2011 state budget and pension reform are among the issues cited by the IMF as requiring that the next tranche of the loan be released to Romania in January, a month later than originally scheduled.

Romania quit plans to apply VAT on intra-EU trade, as the European Commission warned authorities the country might put on the line the new loan installment to be disbursed by the European Union in September, Finance Minister Sebastian Vladescu said Tuesday.

The fifth tranche of the loan Romania is getting from the International Monetary Fund will be allotted only for support of the central bank’s foreign currency reserves, Romania’s representative to the IMF said Thursday.

The European Commission on Thursday disbursed EUR1 billion to Romania as part of a larger EUR5 billion loan agreed last spring, following new reviews of the country’s economic performance.

Romania will receive a second tranche from the International Monetary Fund loan very shortly and it will use half of the EUR1.85 billion to finance the budget deficit, Prime Minister Emil Boc said Tuesday.

Romania received the first part worth EUR1.5 billion of the loan from the European Commission, state secretary within Romania’s Finance Ministry, Gheorghe Gherghina told MEDIAFAX.