FinMin: Romania to get IMF money on Tuesday

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Romania will get the two tranches of the International Monetary Fund loan on Tuesday and it will receive the money from the European Union in mid-March, Public Finance Minister Sebastian Vladescu told on Monday.

The IMF Board of Directors on Friday unanimously approved the disbursement to Romania of the two tranches totalling 2.45 billion euros of the 12.9 billion euro loan Bucharest contracted with the international lender. Romania has received nearly 6.9 billion euros of the 12.9 billion euro, 24-month loan from the IMF; to this will add the two 2.45 billion euro tranches.

The ECOFIN Council that gathers the EU finance ministers last week approved a revised decision to give the loan to Romania in order to back its balance of payments on the medium term. Romania got a loan of five billion euros from the European Commission under a medium-term financial assistance programme. Romania has so far received 1.5 billion euros from the Commission.

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