Basescu: Romania may get both tranches 3 and 4 from IMF on February 17

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If Romania meets commitments, we will have serious chances to receive both the 3rd and the 4th tranches from the International Monetary Fund (IMF) on February 17, 2010, the Romanian President Traian Basescu has made an announcement.

The 3rd tranche is worth 1.5 billion euros, and the 4th 830 million euros. There will be 2.3 billion euros in total from the two tranches, with half of the money to go to the Romanian National Bank (BNR) and half to the Ministry of Finance to prop up the budget deficit, the head of the state specified.

‘We need to have a government functioning as early as December 23. The reason for that is that we need the government to submit the budget bill for 2010 to the Parliament by the end of the year, so that on January 4 or 5 the Parliament to already begin the examination of the state budget. We need to have a budget approved on January 16. Only with an approved budget, we can afford to call the EU, IMF and WB team to evaluations.

The team may complete the evaluation between January 20-27, so that the final document to be further submitted for approval to the Board of the Fund to be approved at some point between January 27 and February 1 [..] In this context, we can estimate the document may be approved by the Fund at its meeting on February 12 or February 15’, Traian Basescu said in a statement at the Cotroceni Presidential Palace.

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