Second IMF loan disbursement reaches BNR accounts

The International Monetary Fund (IMF) has confirmed that the National Bank of Romania (BNR) has received the funds in the second disbursement of the loan granted to Romania by the IMF.

Part of the money will be used to finance the Government deficit and 10 of the highest indebted Government-run companies will be closely monitored, IMF reports in a press release issued on Thursday.

The Stand-By Arrangement, under which the loan is granted, will be combined with other multilateral financial support to fill the country’s 2009-2010 financing gap.

The total international financial support package will amount to 19.9 billion euros, with the European Union providing 5 billion euros, the World Bank 1 billion euro, and the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the International Finance Corporation (IFC) a combined 1 billion euro.

Adrian Vasilescu, adviser to the BNR governor, says the money coming from the IMF will be divided in two: part of it will go to the accounts of the BNR and the remaining part to the account of the Finance Ministry to cover its deficit.

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