Chamber of Deputies approves memorandum on European Commission loan

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The chamber of Deputies on Wednesday approved a memorandum concluded between Romania and the European Commission on a 5-billion-euro loan.
The draft law approving Government Emergency Ordinance 82/2009 ratifying the memorandum passed 190 to 2 and four abstentions.

The European Commission and the Romanian Government on June 23 signed the memorandum of understanding under which Romania is to receive a medium-term loan worth 5 billion euros as part of a financial assistance package worth a total 20 million euros coming from the International Monetary Fund, the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development.

The money are paid out in five installments , with the first one to be disbursed as soon as the memorandum comes into force. The other installments – 1 billion euro, 1.5 billion euros, 1.2 billion euros and 0.15 billion euros are scheduled to be disbursed in q4 2009, Q2 2010, Q4 2010 and Q2 2011, conditional upon Romania achieving the economic parameters agreed upon under the memorandum.

The provisions are in conformity with the provisions in the technical memorandum and a letter of intent concluded with the International Monetary Fund.

Under the memorandum, signed by Prime Minister Emil Boc and Finance Minister Gheorghe Pogea, on behalf of Romania, and Commissioner Joaquin Almunia on behalf of the European Commission, states that Romania’s tax deficit should be reduced from 5.4 percent of the Gross Domestic Product (GDP) in 2008 to 5.1 percent in 2009, 4.1 percent in 2010 and 3 percent in 2011.

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