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

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

Autor: Marius Radu

06.01.2011, 23:58 10

The IMF will make around 3.6 billion euros available to Romaniaas part of the new precautionary arrangement, which will mostlikely be a one-year arrangement sealed after the completion of thecurrent programme in May, but the money will be accessed only incase of an emergency, said government sources.

"The latest calculations reveal that the amount allocated toRomania by the IMF as part of the new arrangement is 3.6 billioneuros. The money will be accessed only in case of emergency," saidthe quoted sources.

The amount emerged in the discussions over the new arrangementand was calculated based on economic parameters available atpresent.

President Traian Băsescu, Premier Emil Boc, Finance MinisterGheorghe Ialomiţianu and NBR Governor Mugur Isărescu yesterday metat the central bank where they set the parameters of the newfinancing arrangement with the IMF and the European Commission.

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

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