Gov’t approves ratification of letter of intent and memorandum with IMF and EC

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The government approved in its Tuesday sitting the ratification of the letter of intent and of the memorandum with the International Monetary Fund (IMF) and the European Commission (EC), announced Premier Emil Boc.

“The release of the loan tranches by the IMF and the EC is proof of Romania’s having observed its international commitments, of Romania’s being on the right track out of the economic crisis and towards economic relaunch,” said Emil Boc.

Finance Minister Sebastian Vladescu reminded that Romania receives on Tuesday EUR 2.45 billion of the external loan secured in May 2009, with the money being partly directed into the accounts of the State Treasury and partly due to strengthen the forex reserves of the National Bank of Romania. In March, Romania will also receive the EUR 1 bln from the European Commission, Vladescu added.

“With these two additional letters approved, Romania’s position on external markets improves and the position of the Ministry of Finance at domestic level improves as well. Speaking strictly technically, the interest rates we get financing for are getting progressively lower, and at the same time, the amounts we raise from the market decrease too, which leaves financial resources at hand for the Romanian private sector. From this point of view, this is one of the main measures to support the Romanian economy at this moment,” said Sebastian Vladescu.

The IMF Board approved on Friday by unanimous vote the disbursement to Romania of tranches three and four, worth an aggregate of EUR 2.45 bln, of the EUR 12.9 bln loan agreed upon with the international financial institution. Of the total EUR 12.9 billion euros made available by the IMF under a 24 month agreement, Romania received nearly EUR 6.9 billion, to which the two tranches worth a total of EUR 2.45 billion add now.

Last week, the ECOFIN Council, which joins the EU Finance Ministers, approved the revised decision on the grant of the loan to Romania with a view to supporting the country’s balance of payments in the medium term. Romania secured a EUR 5 billion loan from the European Commission under a medium-term financial assistance program. So far, Romania received EUR 1.5 billion from the EC.

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