Romanian Ctrl Bker: External Loans Should Be Paid Back By 2013

The external loans Romania may attract in 2009 have to cover the relatively low EU funds absorption capacity and should be paid back only when a larger part of the EU funds is attracted, by 2013, central bank governor Mugur Isarescu said Wednesday.

"Taking external loans is a great responsibility. We should have in mind a payback to cover a relatively low EU funds absorption capacity, but also the inflows from the EU," Isarescu said.

Romania should get from the EU around EUR30 billion in post-accession funds by 2014, but so far managed to attract less than EUR1 billion.

Romanian authorities are currently discussing external loans with both the International Monetary Fund and the European Commission to finance the external deficit.

Mediafax