IMF Board OKs EUR12.95B Stand-By Loan To Romania
Publish date: 05-05-2009The Executive Board of the International Monetary Fund approved Monday the two-year stand-by agreement with Romania worth EUR12.95 billion, official sources told Mediafax.
According to the quoted sources, the loan's first tranche, worth of EUR5 billion, may be drawn immediately. The funds will enter the central bank's foreign currency reserves.
Romania agreed end-March with the IMF, the European Commission and other financial institutions a EUR19.95 billion economic program supported by a EUR12.95 billion loan under a two-year Stand-By Arrangement from the IMF.
Mediafax
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