A second tranche of European Union funding worth 1 billion euros ($1.5 billion) will be paid to Romania providing conditions are met, the European Commission said on Friday.
Romania has progressed satisfactorily on some reforms required under a multilateral 20 billion euro support package but political obstacles remain, the Commission added after a visit to Bucharest with the World Bank and International Monetary Fund.
“The second tranche from the European Union balance of payments assistance programme amounts to 1 billion euros and will be disbursed following completion of the programme review and if the conditions are met,” a Commission statement said.
“The authorities’ performance under the programme has been satisfactory,” it added. “Notwithstanding this overall good performance, the current political environment is hindering further fiscal consolidation that remains necessary.”