IMF Probes Romania’s Performance

Bucharest | 27 July 2009 | An IMF delegation, charged with reviewing the country’s economic performance under a two-year loan programme, is due in Bucharest later this week, it was announced on Monday.

The mission will stay in Romania from July 29 to August 10.

The IMF’s 12.95 billion euros loan is intended to help the Balkan country deal with the effects of the global financial crisis and is part of a multilateral package which will total up to 20 billion euros. The loan is conditioned on the implementation of a comprehensive economic reform programme.

A second tranche of the IMF loan, totalling around 1.9 billion euros, will be disbursed no earlier than September, subject to the successful completion of the review.

Since it agreed the loan in March, Romania’s ruling centre-left coalition has stayed on course with agreed budget plans.

Local economists and investors have hailed the agreement, saying that without sufficient foreign investment and cash flowing into Romania’s largely foreign-owned banks to finance lending, the country risks running out of money to pay debts and to keep the economy functioning. Source: Balkaninsight

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Posted by admin on Jul 28 2009. Filed under Banking & Finance, Economy, Region. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry