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Romanian PM Emil Boc: IMF loan imposes 4 conditions

de A.C.     HotNews.ro
Joi, 23 aprilie 2009, 15:43 English | Top News

Romanian PM Emil Boc declared on Thursday that on May 4-6, the IMF will officially agree on the loan. Romania's takes up a foreign loan of 19.95 billion euro of which 12 billion from the IMF to the National Central Bank to support foreign currency networks in the country; 5 billion from the European Commission to support investments, 1 billion from the World Bank and 1 billion from the European Bank of Reconstruction and Development to support banks.

The loan presupposes four criteria: budgetary rectification and the adoption of three laws: the unique salary law for the budgetary system, law on fiscal responsibility and the law on pensions. Both the IMF and the EC condition the loan to the adoption of responsible fiscal and salary policies after the country's budgetary deficit exceeded 5% of the GDP in 2008.

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