Romania reached agreement with IMF on a new two-year credit line

Romania, the IMF and the EU have reached agreement on a new, two-year deal that will give the Balkan country access to a 4.0-billion-euro credit line.

“The authorities intend to treat the arrangement as precautionary and will not draw” any money, Andrea Schaechter, head of an IMF mission to Romania, told a press conference.

The stand-by deal, which requires approval from the board of the International Monetary Fund, comes weeks after a previous two-year agreement was completed.