IMF extends tranche of Romania’s anti-crisis loan

The IMF announced on Saturday (July 3rd) it has agreed to extend a 913.2m-euro tranche of Romania’s 13.6 billion-euro anti-crisis loan. The Fund’s Board of Directors decided to extend the money after reviewing Romania’s implementation of its anti-crisis programme, which was approved in May 2009. The IMF says the government is making significant steps to recover the country’s macroeconomic stability and is taking ambitious measures to lay the groundwork for improvement of state finances. On Thursday, a 5% hike in the VAT took effect.