IMF reaches preliminary agreement on Romania's rescue deal

The International Monetary Fund (IMF) reached a preliminary agreement on the rescue package for Romania, so the government will subsequently approve on April 11 an emergency ordinance on the budget revision and readjustment of various financial measures, premier Emil Boc declared today, cited by NewsIn.

IMF recommended the local authorities to send the emergency ordinance adopted by the government to be translated and checked before May 4, so the Fund can transfer the first installment.

Romania inked an accord for a 20 billion euro financing package at the end of March. It will get about 13 billion euros from IMF and 7 billion euros from the European Commission, the World Bank and other European lenders to restart the engines behind the economy and fill the financial gaps until the end of 2010.

The interest paid by Romania will be 3.5 percent per year, considering the current market conditions. Thus, the two-year credit will be paid back by 2015 the latest, according to the agreement.

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