PM Boc: Agreement with European Commission approved

Prime Minister Emil Boc announced that the loan from the European Commission was approved on Wednesday, after the Romanian Government had approved the agreement with the International Monetary Fund on May 4.

‘We can certainly and formally certify that Romania has a loan agreement with the European Commission and IMF.

The agreement with the IMF was validated on May 4 and the one with the European Commission was validated ten minutes ago, with the written confirmation of this institution’, Boc announced.
He said this is a 20 billion euro loan agreement.

‘The amount of 13 billion euros from the IMF will go directly to the BNR (the National Bank of Romania) to strengthen the country’s foreign exchange reserves, while 5 billion euros from the European Commission will go directly to the Public Finance Ministry, in instalments, in order to back the budget deficit…

Ultimately, the goal of the loan agreement Romania has closed is to keep the jobs, to find solutions to re-launch lending in the Romanian economy and, obviously, to contain the negative effects of the crisis in Romania’, the prime minister explained.

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