Romania to sign EUR 5bn loan agreement with IMF, EU.

By bne IntelliNews February 7, 2011
Romania will sign a EUR 5bn precautionary agreement with the IMF and the EU, President Traian Basescu announced in a broadcast address. "It will be a two-year, precautionary-type agreement," Basescu said. Out of the EUR 5bn, EUR 3.6bn will be provided by the IMF and EUR 1.4bn will be allocated by the EU in case of an emergency. The IMF mission currently in Bucharest will complete its seventh quarterly review tomorrow, February 8. President Basescu said that the two-year programme with the IFIs will be completed successfully, implying positive findings of the funds team. The country will not draw the last EUR 1bn tranche under its stand-by agreement with the IMF that ends in April, as the currency reserves of the central bank have been consolidated and the banking system is stable enough, but will use the last tranche from its EU loan to finance budget deficit, the president added.

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