about us | newsletter | contact | archive | members area
Andreea Paun, Griffes
In 2018, we will be delivering Unirii View»

IMF board approves release of EUR 505 mln to Romania

The International Monetary Fund (IMF) expert mission will recommend its board approve the next EUR 505 million tranche from the stand-by accord, after it judged Romania was meeting its targets under the bailout agreement and had agreed the next steps with the authorities, said the IMF delegation chief, Jeffrey Franks.

March 2012 - From the Print Edition

“The experts have agreed. All quantitative targets were met and we reached an agreement on future policy. We expect a board meeting in late March,” said Franks. In March of last year, the Bucharest authorities decided to extend the agreement with the IMF concluded in 2009 to secure a EUR 3.5 billion bailout.
The agreement with IMF includes EUR 1.4 billion of preventive support from the European Union and a EUR 400 million loan from the World Bank, money that was not part of the previous accord. The World Bank granted the loan in December last year.
The IMF approved in December the third assessment report of the implementation of the economic and fiscal program agreed with Romania and made available a new sum, equivalent to 430 million Special Drawing Rights (EUR 507 million). The total amount available to Romania thus rose to 1.35 billion Special Drawing Rights (the equivalent of EUR 1.6 billion).
Mugur Isarescu, the BNR governor, said Romania should not conclude a new agreement with the IMF after the completion of the current one, scheduled for 2013, because it would not give a good signal regarding the markets, and the EU could plug the gap.
The BNR official said that new anchors can and should be agreements at EU level, like the Fiscal Stability Pact.

There are 0 comments:

Validation Code

0 Comments  |  13446 Views
Daily Info
New car sales increase by over 20 per cent in Romania in the first quarter

New vehicle sales in Romania increased by 20.3 per cent in the first quarter of this year compared to the same period of 2017, reaching almost 36,000 units, according to data ...

Turkish Opsan leases 5,000 sqm in CTPark Pitesti

Turkish car parts maker Opsan has leased 5,000 square meters of industrial space in CTPark Pitesti, the project developed by CTP.

Around 35 percent of the Romanian roads are covered with stone and soil, statistics show

Romania has made little progress last year in modernizing its infrastructure, official statistics released on Wednesday showing that 35 percent of the roads are covered with s...

Banca Transilvania posts 366 million RON profit in Q1

Banca Transilvania registered a net profit of 366 million RON (78.7 million Euro) in the first quarter of this year, up 48.7 percent from the same period of 2017, due to risin...

Garanti Bank grants 2 million Euro for the development of the Anima clinics network

Garanti Bank recently granted a 9.3 million RON (2 million Euro) investment loan and working capital facility to Anima, part of Medlife Group, for the development of its netwo...





More on News
ING Bank Romania to accelerate business development through digitization

Customers are increasingly interacting with the bank through its digital platforms and are making more card payments, according to a report issued by ING Bank Romania.


TransferGo: We will come to a point where money transfers will be dominated by app usage

Cash will become obsolete and this will be the result of digital finance advancement, Marius Nedelcu, Country Manager at TransferGo told The Diplomat-Bucharest.

1 Comment

Globalworth: The number of green accredited buildings continues to grow every year

Romania today is one of the few economies in Europe that had a consistent expansion over the past six years, outpacing EU average growth, Dimitris Raptis, deputy CEO and Ch...

UniCredit announces updates in the Mobile Banking application

UniCredit Bank launches new facilities in the up-to-date version of its Mobile Banking application to provide customers with a simpler and faster user experience.

ESOP: We expect that the green building trend further grows

The Romanian market is one of the most dynamic in the region due to the accelerated development in IT&C, BPO, shared services industries, and to the expansion of research &...

1 Comment

Immofinanz: Constant, visible shift towards energy efficiency on the local office sector

Romania's strong economic growth in 2017 placed the country in a leading position in the CEE region and the trend is expected be sustainable over the next years, Christian ...

Crosspoint: Currently, there is a relatively small number of green office buildings throughout Romania

2017 has been a good year for the office market all throughout the CEE region: low vacancy rates (Bucharest - nine per cent, Warsaw - 14 per cent, Budapest - 9.2 per cent, ...

1 Comment