Franks: Romania, WB Could Sign IMF-Like Deal In 2012
The World Bank could provide new aid to Romania in 2012 under a precautionary loan agreement to be accessed in case of emergency, similar to a financial program signed with the International Monetary Fund earlier this year, an IMF official said.
“We would anticipate that they (the authorities) will conclude a new agreement with the World Bank in the spring for a kind of precautionary arrangement as well, with which they could draw money if needed. This would give them some insurance policy against financial difficulties going forward,” IMF mission chief to Bucharest, Jeffrey Franks told Mediafax by phone.
Romania and the IMF signed in March a EUR3.6 billion two-year precautionary facility, 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.
Franks said Romania should receive a disbursement of EUR400 million from the World Bank in the following days.
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