CORRECT: IMF Approves New EUR507M Disbursement To Romania

The International Monetary Fund Monday completed the third review of Romania’s economic performance under a EUR3.6 billion precautionary loan agreement, enabling the disbursement of a new EUR507 million tranche.

In March, Romania and the IMF signed a two-year precautionary loan agreement, successor to a EUR20 billion bailout package received during 2009-2011. The new deal also includes EUR1.4 billion financing from the European Union and a EUR400 loan from the World Bank.

So far, the IMF approved total financing to Romania worth EUR1.6 billion under the new arrangement, but the authorities in Bucharest have not drawn any funds.