Boc: The loan agreement with EC and IMF will serve as a precautionary measure

The loan Romanian authorities will take from the International Monetary Fund (IMF) and the European Commission (EC) is preventive and does not force authorities to raise the flat tax and the value added tax, premier Emil Boc said, cited by NewsIn.

Romania could take 13 billion euros, of the 18 billion euro possible loan, from the IMF while the rest of the money will be borrowed from the EC, the World Bank or other financial institutions, people close to the negotiations told NewsIn yesterday.

Romania could strike a two-year agreement with the IMF and receive an 18 billion euro loan to cope with the economic crisis which narrowed the incomes to the state budget. Two thirds will go to the central lender BNR and the rest to the Finance Ministry which is to give some to banks.

“We are to conclude this accord to prevent the negative consequences of the crisis on Romania’s economy,” Boc said.

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