European Commission unlocks �1 bln assistance to Romania

The European Commission unlocked the second tranche of a €5 billion loan under a multilateral financial assistance program, following a positive assessment of the implementation by Romania of the conditions attached to the Memorandum of Understanding, the Commission said in a release.

“I am pleased to admit that Romania met all the conditions attached to the disbursement of the second tranche by the EU. The financial assistance package from the European Union, International Monetary Fund and other international financial institutions has helped Romania cope with the worst part of the economic and financial crisis,” EU commissioner Olli Rehn (photo).

EC has committed to grant Romania €5 billion under the €19.95 billion financial assistance package. The first €1.5 billion tranche from the EC was disbursed last year.

Following Romania’s progress towards fiscal consolidation will need to be accompanied by structural reforms, including the adoption and implementation of fiscal responsibility and pension law revision”, said the European commissioner for economic and monetary affairs.

The Commission expects Romania to implement the reforms necessary to fulfill the conditions for the disbursement of future installments, as set out in the Memorandum of Understanding and in the Supplemental Memorandum of Understanding signed by the Romanian authorities on February 18 and by commissioner Olli Rehn on February 22, 2010.

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