Romania receives first tranche of EU loan

The first tranche of 1.5 billion of an EU loan of five billion Euros has an annual interest rate of 3.125 per cent and matures in 2015.

"EU bonds issued on 15 July to finance the two instalments for Latvia and Romania bear a coupon of 3.125 and mature in 2015. The operation is called a back-to-back loan because it is extended on exactly the same terms (interest rate and maturity) as obtained by the European Union," the European Commission (EC) said in a press release.

The first instalment entered the accounts of the Finance Ministry yesterday (Mon).

The EC announced it had paid "a first installment of 1.5 billion Euros to Romania as part of a balance-of-payments loan agreed to by the EC to support implementation of fiscal, financial and structural-adjustment programmes made necessary by the global economic crisis".

Romania agreed with the International Monetary Fund (IMF), the EC and other international institutions on a 19.95-billion-Euro financial package supported by a 12.95-billion-Euro two-year stand-by loan from the IMF last May.

romaniantimes.at