Romanian PM optimistic about receiving new loan from IMF, EC

08:39, August 05, 2010      

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Romanian Prime Minister Emil Boc said Wednesday that he is optimistic about the country's receiving the next disbursements of the stand-by loan from the International Monetary Fund (IMF) and the European Commission (EC), scheduled for September.

According to him, the over 900 million euros (1.187 billion U.S. dollars) Romania is expected to receive from the IMF this autumn will go to the National Bank, while the 1.2 billion euros coming from the EC will go to the Finance Ministry and it will be used by the government to finance its cash deficit.

A mission from the IMF, joined by representatives from the EC and the World Bank, is in Bucharest over July 26-Aug. 4 to assess the economic policy program under the multilateral assistance program amounting to 20 billion euros.

"We have reached agreement at staff level on the fifth review of the Stand-By Arrangement. Subject to approval by IMF Management and the Executive Board, the sixth disbursement would become available," Jeffrey Franks, IMF Mission Chief for Romania, made the statement Wednesday at the conclusion of the visit, adding that the IMF Board meeting is tentatively scheduled for late September.

Chief of the EC delegation in Romania Laurent Moulin also said Wednesday that Romania meets the conditions for the disbursement of a new tranche of the loan given by the commission.

Romania is currently running a financial program with the IMF worth 13 billion euros, to which five billion euros are added from the EC, one billion euros from the World Bank and one billion euros from some other international financiers. The program will end in the summer of 2011.

So far, IMF disbursed almost 10.7 billion euros to Romania, the EC -- 2.5 billion euros and the World Bank -- 300 million euros. ( 1 U.S. dollar = 0.75815 euros)

Source: Xinhua


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