IMF approves EUR 1.98bn precautionary stand-by arrangement for Romania

By bne IntelliNews September 30, 2013

IMF’s Executive Board has endorsed a two-year SDR 1.75bn [EUR 1.98bn] stand-by arrangement with Romania, the Fund said on its website. 

Romania’s authorities also applied for another EUR 2bn support from the EU and plan to treat both programmes as precautionary – meaning that the credit lines would be used only if necessary.

Both programmes are aimed at protecting the economy against external shocks and helping it return to GDP levels reached before the crisis by catalysing growth-enhancing reforms.

This is the third two-year consecutive programme ran by Romania with the IMF and the EU, which focuses on consolidating the reforms achieved under the previous two programmes as well as on promoting further reforms particularly in the state-owned enterprises and transportation and energy sectors.

This third programme will put Romania on the path to exiting from the IMF’s support, the Fund said – implying that this is going to be the last stand-by loan needed by the country.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Romanian authorities approve takeover of 51% in KMGI by China's CEFC

The Romanian authorities have approved the transaction through which China Energy Company (CEFC) is taking over 51% of KazMunayGas International (KMGI), the majority shareholder in Romania’s ... more

Romanian telco RCS&RDS indicted in bribery and money laundering case

Romania’s National Anticorruption Directorate (DNA) has indicted Romanian telecom operator RCS&RDS for bribery and money laundering and seized two of its assets worth around €3mn, RCS&RDS ... more

Hungarian branch of Bucharest listed Digi to buy Invitel Tavkozlesi in €140mn deal

Bucharest listed Digi Communications announced on July 21 that its Hungarian subsidiary, Digi Tavkozlesi es Szolgaltato, has signed an agreement to acquire Hungarian broadband and telephone provider ... more

Most Read

  1. Erdogan lashes out at Germany, Nato, says "God willing" he'll have Russian missiles soon
    2 days ago
  2. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    2 days ago
  3. Ukrainian farmers turn to Donbas veterans for protection from raiders
    2 days ago
  4. EU allows Gazprom to use an additional 40% of OPAL gas pipeline's capacity
    3 days ago
  5. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    7 days ago
  1. Erdogan lashes out at Germany, Nato, says "God willing" he'll have Russian missiles soon
    2 days ago
  2. CHINA RISING: When sleeping giants meet
    16 days ago
  3. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    2 days ago
  4. Belarus’ retail king Euroopt goes on the road
    22 days ago
  5. STOLYPIN: Russia’s cyber-challenge cuts both ways
    24 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss