Romania to receive a new loan tranche if IMF conditions are met

Newsroom 04/08/2010 | 14:18

The International Monetary Fund (IMF) will release another EUR 914 million of its EUR13 billion loan to Romania as soon as the government reduces the budget deficit, said Jeffrey Franks, IMF mission chief, according to Mediafax.

Franks said Romania’s end-June targets were broadly met, except for the general government arrears. In order for IMF to disburse new funds, authorities must reduce the arrears by around RON 2 billion, he added.

Romanian Finance Minister Sebastian Vladescu said last week that Romania will ask the IMF for a new waiver of non-observance as the criteria in the field of general government arrears has not been met in H1.

This would be the fourth such waiver in the government arrears sector since Romania signed a EUR13 billion loan agreement with the IMF in 2009.

Simona Bazavan

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