The penultimate IMF tranche ‘approved’
The International Monetary Fund has approved the disbursement of the seventh tranche of the loan to Romania, worth almost one billion euros, said IMF representative in Romania Mihai Tănăsescu.
Articol de Sorin Solomon, 08 Ianuarie 2011, 12:48
On Friday, the IMF Executive Board unanimously approved the disbursement of the seventh tranche of the loan to Romania, worth 0.9 billion euros, endorsing the sixth report which conforms that Romania fulfilled the conditions in the Stand-By Agreement, said to Agerpres, IMF representative in Romania Mihai Tănăsescu.
Following the approval of the report by the IMF Executive Board members, Romania will receive the seventh tranche, worth 0.9 billion euros, of the eight-tranche loan the IMF granted our country in May 2009.
According to the IMF rules, the approval of the report will allow the disbursement of the penultimate tranche of the loan in 48 hours and the money will enter the Romanian National Bank account.
Romania has received, so far, 11.27 billion euros from the IMF loan worth 13.15 billion euros, plus the 3.5 billion euros received from the EC from a 5 billion euros loan and 300 million euros from World Bank from a one billion euros loan.
The total package of support for Romania, agreed on May 4th, 2009 with major global financiers, amounted to 20 billion euros.
Translated by: Denisse-Meda Bucura
MA Student, MTTLC, University of Bucharest
