IMF executive board to discuss stand-by agreements with Romania this week.

By bne IntelliNews March 21, 2011
The IMF executive board scheduled for March 25 the seventh and last review of the ongoing stand-by agreement with Romania, the Fund announced. At the same time, the Fund will also discuss the follow-up agreement with the country. We recall that Romania decided not to draw the last tranche under the loan, attached to the SBA with the Fund, as the central bank's reserves stood at EUR 32.7bn at the end of January. As opposed to the ongoing agreement with the Fund and the EC, the follow-up agreements will be of precautionary type, meaning that credit lines of EUR 5bn, out of which EUR 3.6bn from the IMF for the central bank and EUR 1.4bn from the EC for the government, will be agreed upon, but not disbursed by default. Under the ongoing agreements with the IMF and EC from 2009, the central bank received EUR 9.5bn from the IMF and the government received EUR 2.4bn from the EC and the IMF.

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