Romania will most likely receive the third payment from the International Monetary Fund (IMF) loan in February next year, according to Jeffrey Franks, the head of the stand-by agreement valuation mission. The fourth installment could be received together with the third, according to Franks, who also said this is yet to be confirmed. The IMF representative, who has met the Central Bank (BNR) governor Mugur Isarescu, said the work schedule will be tight, but the valuation mission is anticipated to come to Romania in January and the results will be submitted to the IMF board as soon as the mission will end.
IMF representatives came to Romania this week to ensure the 2010 budget will be approved. Romania has signed a two-year stand by agreement with the IMF for EUR 12.95 billion, and has so far received the first two installments, in total EUR 6.9 billion. The total loan package, with additional funds coming from the European Union, the World Bank and the European Bank for Reconstruction and Development (EBRD) will reach EUR 19.95 billion. The third installment, some EUR 1.5 billion, should have been received in December this year, but was delayed due to the lack of a 2010 budget. The forth installment should reach EUR 820 million.