Romania will not draw the last loan tranche from the IMF, worth EUR 1 billion

Newsroom 07/02/2011 | 11:24

Romania will not draw the last loan tranche, worth approximately EUR 1 billion, from the IMF, as it is no longer required due to positive economic progress, announced President Traian Basescu on Sunday evening. The president added that Romania will receive however the last tranche form the European Commission in order to cover its budget deficit.

“Romania’s won’t draw the last tranche from the Fund but it will draw the last tranche from the EU, which is necessary to cover the budget deficit. The last tranch from the IMF is about EUR1 billion that we will no longer draw as the central bank’s reserve is sufficient and the banking system is stable,” Basescu explained.

A joint review mission of the IMF and EU is in Bucharest until February 8, to evaluate Romania’s progress under the EUR 20 billion stand-by agreement with the IMF.