Romania disbursed the first €60mn tranche of a €150mn loan to Moldova on August 24, the Moldovan finance ministry said.
The Romanian government approved the disbursement earlier this month, shortly after the International Monetary Fund (IMF) reached a staff-level agreement with Moldova over a future three-year programme with $180mn financing attached, the pre-requisite for the Romanian loan. Moldova will, however, have to settle the issue of losses in the banking system before the IMF executive board discusses the three-year agreement with the country in October, Prime Minister Pavel Filip has said.
In addition, the Romanian government agreed on August 24 to grant Moldova €5mn to finance some investment projects in school infrastructure and local communities. The grant is provided under a €100mn financial aid agreement signed between the two countries in April 2010.
Romanian Prime Minister Dacian Ciolos will pay an official visit to Moldova on August 25. He will be accompanied by Regional Development Minister Vasile Dincu, Energy Minister Victor Grigorescu, Finance Minister Anca Dragu, Justice Minister Raluca Pruna, European Funds Minister Cristian Ghinea and Minister for Diaspora Maria Ligor.
During the visit, Ciolos will meet Moldovan Prime Minister Pavel Filip, President Nicolae Timofti and parliament speaker Adrian Candu,
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