PM Emil Boc: Romania's foreign loan has a preemptive character

Luni, 23 martie 2009, 3:18 English | Top News

Romania's PM Emil Boc declared that Romania's need of a foreign loan has a preemptive character and assured that the country is not in a desperate situation. The money received, he explained will be used to consolidate the Central Bank reserves and to sustain the exchange rate at an acceptable level, and to relaunch credits, NewsIn informs.

In a teleconference with Romania's prefects, Boc declared that the agreement with foreign financial institutions will be aimed at preventing the effects of the crisis. Moreover, he said that the Presidency, the Chancellery and the Central Bank opened talks with foreign banks with branches in Romania to maintain the money in the country when the Central Bank will unlock its reserves.

Transports minister Radu Berceanu declared that, most probably, Romania will take up a 19 billion euro loan but the government will only receive 4 billion euro while the rest will be considered a reserve.

PM Boc declared that an inter-ministerial committee reunion will tackle Romania's financing needs and ministers will advance in talks regarding the loan it will take up from the European Commission and the IMF.