Romania May Get Another IMF Loan Tranche By Yearend

Romania may receive by the end of the year another tranche out of the EUR13 billion stand-by loan from the International Monetary Fund, a fund official said Monday.

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The money will enter the central bank's reserves, said Jeffrey Franks, head of the IMF mission to Bucharest.

The central bank should get another installment by the end of the year so that its position will be very solid, Franks said after a meeting with the central bank's officials.

An IMF mission is currently in Bucharest to review Romania's progress under the stand-by arrangement, which was approved in May 2009.

The IMF loan is part of a larger financial package that also includes funds from the European Commission, the World Bank and other international lenders.

Romania received so far around EUR11.5 billion in IMF money and EUR3.6 billion from the EU.

According to the terms of the IMF deal, the country should receive mid-December the seventh installment worth some EUR870 million.

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