Romania receives first EC loan tranche worth EUR 1.5B

BUCHAREST

Romania received the first part worth EUR1.5 billion of the loan from the European Commission. Romanian authorities signed an agreement for supporting a program with funds from the International Monetary Fund (IMF), the European Commission, World Bank and the European Bank for Reconstruction and Development.

The loan will amount to EUR19.95 billion, including EUR5 billion from the EC and EUR13 billion from the IMF. The funds from the European Commission are managed by the Finance Ministry and are assigned to cover the budget deficit.

The second tranche worth EUR1 billion of the EC loan will be released by the end of the year if certain criteria are fulfilled.