The instalment will be granted two days after the IMF Board completes the assessment. The Board will meet on September 21st but before that laws have to be passed by the Romanian authorities to allow for the implementation of certain fiscal measures. It seems that the Romanian Govt acts according the same priorities, Tonny Lybek told.
According to information on the IMF website, the Board of the International Monetary Fund will analyze and file for approval on September 21 the first review of the stand-by agreement with Romania, as well as the request to change certain performance criteria, according to IMF data.
Romania secured end-March a EUR19.95 billion financial aid from the International Monetary Fund, the European Union and other international institutions to cope with the deepening recession. IMF granted Romania a EUR12.95 billion stand-by loan, as part of the financial package.
An IMF mission led by Jeffrey Franks came to Bucharest early August for the first evaluation of the stand-by agreement.
The IMF released the first instalment of the loan, worth 5 billion euros, in May while second instalment, worth around 1.9 billion eros, will be released upon the first review’s approval.