IMF lends another 900m euros to Romania
Another 884 million euros are going into the foreign currency
reserve managed by the NBR (National Bank of Romania) after the IMF
board approved on Friday the release of the sixth instalment of the
nearly 13 billion-euro loan taken out by Romania in the spring of
2009.
So far Romania has taken out around 11.3 billion euros from the
Fund, with the money being used to finance the deficit budget
indirectly, as well as directly.
The supplementing of the NBR's reserve, which already exceeds 31
billion euros, will allow for new cuts to the banks' minimum
reserve requirements in order for them to keep financing the budget
deficit by the purchase of T-bills.
Largely a formality now, the approval of the quarterly report that
reviews the compliance with commitments made by the Government in
the stand-by arrangement has occurred without problems, although
the IMF requirement for the state to pay its debts to companies
again failed to be met.
Similarly to all previous reviews, the NBR governor and the finance
minister requested a postponement in the supplementary letter of
intent, and the IMF approved it.