The completion of the review enables the immediate disbursement of SDR 1.718 billion (about 1.854 billion euros), bringing total disbursements under the program to SDR 6.088 billion (about 6.570 euros billion), IMF reports in a press release posted on its website.
The SBA was approved on May 4, for SDR 11.443 billion (about 12.348 billion euros). The arrangement entails exceptional access to IMF resources, amounting to 1,111 percent of Romania’s quota.
‘Against the backdrop of a significant deterioration in economic activity since the approval of the Stand-by Arrangement in May, policy implementation has been strong.
The deeper than expected economic downturn, however, requires a recalibration of policies so as to strike an appropriate balance between the short-term response to the crisis and the medium-term policy objectives,’ John Lipsky, IMF First Deputy Managing Director and Acting Chair, stated following the Executive Board’s discussion on Romania.