Future 3.6bn-euro arrangement with IMF discussed by Băsescu and Isărescu

The IMF will make around 3.6 billion euros available to Romania as part of the new precautionary arrangement, which will most likely be a one-year arrangement sealed after the completion of the current programme in May, but the money will be accessed only in case of an emergency, said government sources.

"The latest calculations reveal that the amount allocated to Romania by the IMF as part of the new arrangement is 3.6 billion euros. The money will be accessed only in case of emergency," said the quoted sources.

The amount emerged in the discussions over the new arrangement and was calculated based on economic parameters available at present.

President Traian Băsescu, Premier Emil Boc, Finance Minister Gheorghe Ialomiţianu and NBR Governor Mugur Isărescu yesterday met at the central bank where they set the parameters of the new financing arrangement with the IMF and the European Commission.

Băsescu had restated on Wednesday that Romania had to continue its relationship with the IMF through a precautionary arrangement, in order to ensure financial stability. The head of state said the prospective funds would be attracted from the European Union. An IMF delegation will come to Bucharest on January 25th to review the ongoing arrangement and to discuss the terms of the new arrangement.