EU Commission to give Romania 1 bln euros

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The European Commission expressed hope that the assessment of Romania’s situation be successfully finished by end-Jan. 2010. This would allow the release of 1 billion euros tranche, in accordance with the EU assistance programme on the balance of payments, reads the release the EU Commission sent on Thursday.

A technical team of the EU Commission and the International Monetary Fund (IMF) was visiting Bucharest on Dec. 14-16 in order to continue the talks on the multilateral assistance programme. The Commission took note that progresses had been made to meet the budget deficit target of 7.3 percent of the GDP, in 2009, and ‘nevertheless a strict control of the expenditure remains essential,’ the EC report reads.

The talks between the EU Commission’s members and the Bucharest authorities mainly focused on issues related to the budget policy. The EC mission and the Romanian Government agreed at the technical level, on a set of fiscal consolidation measures equivalent to 2.5 percent of the GDP, particularly focused on cutting the budget spending in 2010, the release said.
Unit chief Fabienne Ilzkovitz and the Directorate for Economic and Financial Affairs (DGECFIN) director Matthias Mors headed the Commission’s mission on visit to Bucharest over Dec. 14-16.

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