Jeffrey Franks: EUR 475 ml available in first tranche under new IMF agreement

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The first tranche made available under Romania’s new precautionary agreement with the IMF will be 475 million euros out of a total amount of 3.6 billion euros, IMF chief for Romania Jeffrey Franks on Monday told the press conference for the presentation of the outcomes of the review mission.

The new round of negotiations with the IMF, concluded on May 9, started in Bucharest on April 27 and consisted of the first evaluation of Romania’s new precautionary agreement with the Fund.

The draft letter of intent was completed on Saturday, before the meeting of the IMF mission team with President Traian Basescu.

Romania’s stand-by agreement with the IMF, running as of March 31, 2011, is of a precautionary type and entails 3.1 billion SDRs, or 3.6 billion euros, representing nearly 300 percent of Romania’s quota in the IMF.

The entire amount of 3.6 billion euros will be directed to the National Bank of Romania (BNR).

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