Second installment of IMF loan to reach BNR on September 23

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Adrian Vasilescu, adviser to Governor of the National Bank of Romania (BNR) Mugur Isarescu, has confirmed that the second installment of the loan from the International Monetary Fund (IF) will reach the BNR accounts on September 23. He said the amount will be steered toward two directions.

‘Part of the money will go to the accounts of the BNR and the remaining part to the accounts of the Finance Ministry for wage and pension payments,’ said Vasilescu.
Romania has concluded loan agreements with the IMF and the European Commission for an amount that nears 20 billion euros.

The first tranche has been already disbursed and Governor Isarescu says the loan can be fully paid back by Romania without any problems because Romania can attract European structural grants of 30 billion euros.
‘We can pay because we have to draw 30 billion worth of structural funds but there are thousands of projects and many face bureaucratic issues,’ said Isarescu.

Romania qualifies for 30 billion euros from the European Union in the following five years if it manages to access the European funds. According to Governor Isarescu’s estimates, Romania qualifies for nearly 9 billion euros in 2009 alone.

Finance Minister Gheorghe Pogea assures that Romania has enough resources to pay the public pensions and wages, although it is in the midst of a crisis, and that there are no reasons why the next two installments of the loan taken out from the IMF will not make it to Romania, without mentioning whether or not the money will be used to pay pensions and wages.

‘As long as we do our duty I do not think there will be reasons,’ says Pogea.
Pogea also says that the 1.788-billion-euro September and December disbursements from the IMF will be used to finance the Government deficit, with investment being the main target.

Asked whether some of this money will be used to pay pensions and wages he said, ‘Romania has enough resources to pay them, although it is in the midst of a crisis.’
Romania has so far received 5 billion euros from the loan from the IMF for consolidating the international reserves of the BNR.

The financing agreement with the IMF covers 24 months, with the IMF to disburse 12.5 billion euros to Romania in eight installments.
Under an agreement with the European Commission, Romania is to get a 5-billion-euro loan in five installments throughout 2011.
Romania is also to get a financial package worth 1 billion euro to be disbursed in installments by 2010.

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