Romania May Get the Next Two Installments of the IMF Loan On Feb 17

Romanian President Traian Basescu announced today that Romania might get two new installments, totaling EUR2.3 billion, of a EUR13 billion loan from the International Monetary Fund (IMF) on February 17, adopting the 2010 budget by mid-January. "We must have a functioning government by December 23 so that it can send the budget to parliament by year-end and the parliament may begin debates on January 4 or January 5 and have it approved on January 16," Basescu said.

 

He added half of the money would go to the central bank and the other half to the Finance Ministry to support the budget deficit.

 

Early 2009, the IMF has lent Romania EUR13 billion as part of a larger bailout package which includes funds from the EU, the World Bank and other financial organizations to cushion the effects of a deepening recession.