Adrian Vasilescu, advisor to BNR governor: Money from IMF enters BNR accounts on Wednesday

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The fifth tranche of the International Monetary Fund (IMF) loan to Romania will enter the reserve of the country’s National Banka (BNR) on Wednesday, Adrian Vasilescu, advisor to the central bank governor, told on July 6.

„The amount approved by the IMF Board will enter the BNR accounts on Wednesday,’ said the advisor to the BNR governor, mentioning that „the fact that a half of each of the last three installments was directed to the Treasury was an exception in the 50-year long activity of the IMF,” and that this exception has come to end with the fifth tranche worth 913 million euros.

In a statement Romania’s representative to the IMF Mihai Tanasescu expressed a similar view: „The release of the fifth tranche is important for strengthening the international reserve of the Central Bank of Romania, but it also a sign of normality, given that the money will go exclusively into the BNR account, for the management of the external deficit, and not also to the Treasury.”

Adrian Vasilescu stressed that the adding of the fifth installment to the BNR forex reserve „will increase foreign investor confidence in the Romanian economy, providing assurance that Romania will not default on payments. And Romania will definitely not cease payments,’ said the central bank official.
A second beneficial effect is that the IMF money will strengthen the central bank reserve, which is where payments on account of the foreign debt are made from.
In the third, but not in the last place, the inflow of the fifth tranche of the IMF loan to the BNR reserve will strengthen the central bank’s position on the forex market, said Adrian Vasilescu.

In its meeting in Washington on Friday, July 2, the IMF Board of Directors approved the release of the fifth, 913 million euro worth of installment of the 13.2 billion euro loan granted to Romania under the Stand-By Arrangement signed in May 2009. The financial assistance package to Romania, worth a total of over 20 billion euros, is supported by the IMF (12.9 billion euros), the European Commission (5 billion euros), the World Bank (one billion euros) and other international lenders.
Including the tranche that will flow on Wednesday in the BNR accounts, Romania received almost 10.3 billion euros from the IMF, 2.5 billion euros from the EU and 300 million from the World Bank.

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